The crypto market has seen massive volatility over the past six months, with Bitcoin (BTC) bouncing from $25,000 in September to over $45,000 last week.
ChatGPT, the viral AI chatbot from OpenAI, has boldly predicted that Bitcoin could soar to new all-time highs by the end of the year if a spot ETF is approved in the US.
This article will examine ChatGPT’s analysis and discuss another altcoin from which the AI model expects sizable growth.
Final Steps as Spot BTC ETF Cleared to Potentially Launch This Week
Asset managers are putting the final touches on their spot Bitcoin ETF filings, with revisions expected to be completed today.
These S-1 forms are the last step before the SEC is expected to make a decision on approving what could be the first spot BTC ETF in the US.
Exchanges like the NYSE and CBOE have already submitted their 19b-4 amendment forms needed for listing the ETFs.
The next stage could involve an SEC commissioner vote or using delegated authority to approve the filings.
Bloomberg analyst Eric Balchunas predicts most applicants meeting the SEC’s requirements will be approved as early as this week.
As such, it appears the SEC is backed into a corner on finally approving a spot ETF after denying past attempts for a decade over market manipulation concerns.
ChatGPT Forecasts $80k Bitcoin After ETF Approval in US
With SEC approval of a spot BTC ETF potentially on the horizon, AI model ChatGPT has boldly predicted where Bitcoin’s price could go in 2024.
Considering factors like increased institutional investment, accessibility, legitimacy, and historical precedents, ChatGPT anticipates Bitcoin reaching $60,000 to $80,000 if an ETF is approved in the US.
The AI model points to the floodgates opening for institutional capital inflow and a new level of legitimacy for Bitcoin among mainstream investors.
This momentum could be the key to kickstarting Bitcoin’s bull run in 2024 and beyond.
However, ChatGPT does note that its prediction assumes that market sentiment remains positive following ETF approval.
This is key, as some investors may opt to “sell the news” once a spot BTC ETF is finally given the green light.
Overall, ChatGPT seems highly bullish on Bitcoin’s prospects in the next 12 months, thanks to the coin’s strong fundamentals and growing adoption.
Which Other Cryptocurrencies is ChatGPT Bullish On in 2024?
While Bitcoin draws all the attention, ChatGPT also sees enormous potential in lesser-known cryptocurrencies.
One such crypto is Bitcoin Minetrix (BTCMTX), which is preparing to launch on exchanges soon following the conclusion of its highly successful presale phase.
Bitcoin Minetrix Primed for 8x Gains After Exchange Listing, According to ChatGPT
Bitcoin Minetrix is an upcoming project offering a unique “Stake-to-Mine” model that allows investors to participate in Bitcoin mining easily.
The model allows investors to stake BTCMTX, Bitcoin Minetrix’s native token, to earn recurring mining yields.
Alongside the Stake-to-Mine setup, Bitcoin Minetrix has a complementary staking protocol for BTCMTX, offering APYs of 83%.
With over $7.8 million raised in its presale so far and tokens priced at just $0.127, ChatGPT believes there will be significant hype and investor interest in the project once it is officially launched.
The AI model predicts that by capitalizing on the demand for accessible mining solutions and exchange listing momentum, BTCMTX could reach $0.50 to $1.00 by the end of the year.
This would represent a 4x to 8x gain from BTCMTX’s current presale price.
ChatGPT points to the project’s novel tokenomics and the broader appetite for exposure to Bitcoin mining as key growth drivers.
While speculative, ChatGPT’s prediction will be welcomed by early Bitcoin Minetrix investors, who are now looking ahead to BTCMTX’s public market debut later this year.
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