The massive popularity of AI chatbot ChatGPT has led to intense discussions from investors about how its predictions could impact the crypto market.
In this article, we asked ChatGPT to share its 2024 price outlook for two of the world’s most popular cryptocurrencies, Bitcoin and XRP, to determine whether buying or selling could be a good idea.
ChatGPT Forecasts Bitcoin Reaching $45k to $55k This Year Despite Current Lull
When asked about its forecast for Bitcoin (BTC) this year, ChatGPT cited the leading cryptocurrency’s current period of consolidation below $40,000 as a surprisingly positive sign.
Despite lacking significant catalysts this week, Bitcoin has shown resilience near this key psychological price point and staved off any further declines.
ChatGPT views this as a potential sign that the long-term trend is to the upside.
Assuming increased institutional investment following spot ETF approvals and further regulatory clarity, ChatGPT believes BTC will likely break back above $40,000 soon.
If this move occurs, a sharp move toward local highs (and even new highs) is on the table.
Specifically, ChatGPT forecasts Bitcoin reaching $45,000 to $55,000 by the end of 2024.
It believes underlying adoption and Bitcoin’s “digital gold” narrative should drive steady gains – especially given the macroeconomic uncertainty seen all over the globe.
So, although investors may be disappointed with ChatGPT’s conservative take, its analysis suggests that Bitcoin is poised for a strong 12 months.
ChatGPT Predicts XRP Rally to $1.20 If SEC Lawsuit is Settled
Next up is XRP (XRP), the world’s 6th largest cryptocurrency by market cap.
ChatGPT sees the long-running SEC lawsuit as a major variable in XRP’s price trajectory going forward.
A settlement could catalyze a rally by removing significant legal overhang that currently weighs on investor sentiment.
Interestingly, ChatGPT estimates a high probability of a lawsuit resolution this year, with multiple hearings scheduled for the coming months.
If a settlement arrives, ChatGPT believes that XRP could break out to the upside – predicting the token could reach $0.75 to $1.20 by the end of 2024.
Additional upside catalysts could include major new financial institutions using Ripple’s technology, which would legitimize XRP in the eyes of investors.
However, downside risks remain if the lawsuit drags on until the latter half of the year or ends unfavourably for Ripple.
This could shake investor confidence in XRP and dampen its appeal as a speculative asset.
Overall, ChatGPT seems relatively upbeat on the token’s prospects this year – with all eyes now on the upcoming court date in April.
Which Newer Cryptocurrencies is ChatGPT Bullish On?
While Bitcoin and XRP might be poised for growth in 2024, other lesser-known cryptocurrencies are appearing on ChatGPT’s radar.
The AI model highlighted one presale opportunity called Bitcoin Minetrix (BTCMTX) that could be in line for huge gains once officially launched.
ChatGPT Predicts 669% Upside for Bitcoin Minetrix Due to Intriguing Stake-to-Mine Model
Bitcoin Minetrix is an Ethereum-based platform aiming to revolutionize Bitcoin mining accessibility.
By staking BTCMTX, users can passively earn BTC rewards from an underlying cloud mining operation – without specialized hardware or expertise.
Having raised over $9.2 million in presale, ChatGPT is highly bullish on Bitcoin Minetrix’s novel “Stake-to-Mine” mechanism.
The AI model believes reducing barriers to participation in Bitcoin mining could attract enormous attention from investors worldwide.
Combining staking, cloud mining, and passive BTC income creates a unique value proposition in ChatGPT’s view.
Additionally, the fact that Coinsult has audited Bitcoin Minetrix enhances overall transparency.
Considering these factors, alongside ongoing market trends, ChatGPT forecasts BTCMTX reaching $0.05 to $0.10 by the end of the year.
Should BTCMTX hit the upper end of this range, it would represent a 669% increase from the current presale price of $0.013.
All in all, ChatGPT is highly intrigued by Bitcoin Minetrix’s fresh approach to Bitcoin mining – highlighting it as a crypto to watch going forward.
Investors can buy BTCMTX tokens before their exchange debut by heading to bitcoinminetrix.com.