Bitcoin’s (BTC) momentum has faded with a crash to a key support level of $60,000, pressured by huge sell-offs. Looking for insights, Finbold consulted the newest and allegedly superior artificial intelligence (AI) model, Claude 3.5 Sonnet.
Notably, Claude 3.5 Sonnet predicts Bitcoin will trade between $85,000 and $95,000 by the end of 2024. For this analysis, the advanced AI considered the overall data it was trained with, plus a bullish and bearish context.
The Anthropic‘s flagship product, designed to beat OpenAI‘s ChatGPT-4o, lists seven key factors for this price target. In particular, the halving event, institutional adoption, macroeconomic factors, regulatory environment, technical analysis, market sentiment, and supply dynamics.
Bitcoin’s bearish and bullish contexts
As reported by Finbold, Bitcoin faces a challenging time amid sell-offs by the governments of Germany and the United States. Moreover, Mt. Gox has announced the repayment of over $8 billion in BTC, which has been awaited for over a decade.
In this context, Bitcoin miners started capitulating with record-low reserves and produced hashrate. Meanwhile, old-time supporters like Peter Thiel have lost conviction in the cryptocurrency’s fundamental value proposition.
Nevertheless, the BTC price remains within a four-month range, testing support at $60,000, currently trading at $61,000. Crypto traders and investors still foresee a bright future for Bitcoin, with projections ranging from $80,000 to $500,000 despite the fundamental challenges.
BlackRock (NYSE: BLK) and other Bitcoin spot ETF issuers continue to push the maiden cryptocurrency among traditional finance investors, which is expected to generate mid-term demand. Wall Street has recently sold considerable amounts, but the ETFs still display monthly positive capital flows, indicating a bullish bias.
Yet, Claude 3.5 Sonnet can make mistakes, and its outputs rely on the data it was trained with and the provided context. Investors must take its analysis with caution and do further research before making financial decisions. Cryptocurrencies, including Bitcoin, are highly volatile assets, and things can change quickly in the market.
In closing, if Bitcoin reached this AI’s price targets, BTC would gain between 39% and 55% from current prices.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
