Brave new crypto world, because with artificial intelligence, course forecasts for Bitcoin & Co. can now be made in no time at all, even for beginners and only within a few minutes. Sounds too good to be true? Let’s see it too!
While researching this article, we came across AI predictions for the Bitcoin Price Prediction ranging between EUR 4,000 and EUR 500,000. Is artificial intelligence just playing tricks on us here and simply telling us what it currently has in memory? Time for an explanation and the really real Bitcoin course forecast!
- Are AI Price Predictions a Waste of Time?
- Why intelligent algorithms are far from mature
- Why your gut feeling is better than any price forecast
- Where will Bitcoin really be by 2025?
- Shortly before the token launch there is few pre-sales coins left
Impressive technology or notable mispredictions?
The hype surrounding ChatGPT’s artificial intelligence has died down a bit. Investors are also calming down again on the financial markets when it comes to investing in companies from the AI sector.
The suspense was maintained for weeks with FOMO, but then there came a point where disillusionment took over. The financial sector has also dealt intensively with the possibilities and potential of artificial intelligence.
While many investors think the technology was just introduced to the equipment business, it’s been there for many years. Trading software and platforms from asset managers and advisors have been using AI for some time in order to be able to make trading decisions that are as lucrative as possible. AI is a useful tool, especially when analyzing large amounts of data and detecting trends.
But if we stick with the statement that artificial intelligence is a tool to analyze data and identify trends, then how meaningful are their price predictions and how should investors interpret the results. Can you really rely on AI price predictions and base your trading strategy on them?
What are price forecasts from Google Bard and ChatGPT?
Bitcoin is the oldest cryptocurrency on the market and has now existed for around 14 years. That is a very short time compared to the traditional financial market. Accordingly, the amounts of data are significantly smaller than would be the case when analyzing the DAX, for example. However, less historical data usually means less reliable forecasts.
When Google Bard creates the Bitcoin price forecast, the algorithms access a very small amount of relevant data. As a result, there are also very imprecise price ranges for the BTC rate. BTC price predictions also fluctuate depending on the nature of the question. Sometimes the market mood is included more in the analyses, sometimes it is bullish factors that the AI prefers to use for research.
While AI bots like Bard have proven time and time again that they are capable of forecasting prices, they are just as inaccurate as any other forecast.
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Just think of Tim Drapper, probably the biggest Bitcoin advocate. Draper predicts a bitcoin price above $250,000 in 2022/2023. However, that is currently a long way off and so simply add “in the next 1 to 2 years” and the public is satisfied.
Basically, Draper sees that coming Bitcoin better than regular money will be and might even displace fiat currency.
What AI course predictions actually want to tell us
So if leading analysts, seasoned investors and wealth managers have been using artificial intelligence for years and yet their price predictions are often wrong, how can investors rely on AI price predictions? The answer is simple: not at all! Because even a Bitcoin course forecast created by Google Bard is full of unclear factors and unknown key figures.
What does a Google Bard Bitcoin price forecast bring?
If you are looking for confirmation or rejection of an analysis you have made, artificial intelligence can help with data analysis to confirm the trend or not. Then you might have a reason to make this or that trading decision.
Do you want to analyze chart patterns over a longer period of time in order to optimize your trading strategy? Even then, a Google Bard Bitcoin course forecast can be useful. For example, there is an apparently similar pattern before the upcoming Bitcoin Halving next year, as has occurred with the Halving in previous years. This allows for speculation that could predict further price development.
What does a Google Bard Bitcoin price forecast say?
In numerous Google Bard Bitcoin course forecasts, the AI ”revealed” essential factors as price drivers for the BTC value. These included, for example:
- Increasing acceptance of cryptocurrencies among individuals and institutions
- Expectations for the next Bitcoin Halving, probably in April 2024
- Numerous filings with the SEC for exchange-traded Bitcoin ETFs in the US
- Stable altcoin prices as a sign of falling volatility
- Regulatory certainty with Bitcoin as the leading cryptocurrency inspires confidence
- Stricter regulations for trading platforms to prevent bankruptcies like FTX
- Increasing investor protection, for example through the MiCA regulation
The Google Bard Bitcoin course forecast can make individual statements and address various aspects, but it can establish a causal relationship between the variables. Strictly speaking, this means that every AI course forecast is always limited and so is its informative value.
And to be honest, we could have told you the above factors that could influence the BTC price even without Google Bard BTC price prediction.
The accuracy and correctness of AI price predictions are at best compromises that depend heavily on the way the question is asked. Sometimes one factor is rated more strongly, sometimes another factor is significantly devalued. Bringing the individual variables into context is still difficult for the technology. Distortions and misjudgments in price forecasts are the result.
Our Bitcoin price forecast
Bitcoin has been hovering just under $30,000 for weeks. The cryptocurrency, like other altcoins, appears to be on the wait, but that doesn’t take away from investors’ optimism. Whether Bitcoin will actually be worth $250,000 by 2024 or 2025, as predicted by Drapper, nobody knows, not even the Google Bard AI.
Market conditions are still fluctuating, and a wide variety of scenarios are conceivable. According to our Bitcoin course forecast, it cannot currently be assumed that cryptocurrencies will experience a rapid rise overnight. Instead, everything looks like quiet, steady, and sustained growth. Of course, external factors can influence Bitcoin prices and new highs are very likely.
For the short-term outlook, we predict a sustained BTC price around $30,000. In the medium term, which means for us until the halving, a slight decline is also conceivable. In the long term, however, the above factors speak for themselves: Bitcoin is here to stay.
Its value will most likely continue to increase as its acceptance increases around the world. We think a value between $35,000 and $40,000 per BTC by 2025 is realistic.
A great future we say for Wall Street memes before, because this cheap token is still few days in pre-sales available before it goes to the public trading venues. Almost 25 million US dollars have already been taken in the presale, which proves the high liquidity of the market.
Conclusion: Google Bard, ChatGPT and other AI forecasting models are an interesting way to make forecasts. However, they should only be seen as a tool and have their strengths in the area of validating statements or analyzing data. Creating contextual connections only takes place to a limited extent, which significantly reduces the quality of the results. Investors should see AI forecasts as valuable support, but under no circumstances should they believe that AI price forecasts are highly reliable.
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About the author: Stefanie Herrnberger works as a freelance speaker and editor. Her many years of professional experience in the areas of blockchain, cryptocurrencies and NFTs offer her the perfect background to report on current news and developments on decentralized and central financial markets. Stefanie has been investing in cryptocurrencies for several years. She understands the challenges and opportunities for crypto traders. Publications: https://de.cryptonews.com/editors/stefanie-herrnberger https://blockchain-technologie.digital/ https://www.facebook.com/groups/cryptonewsde/