Bitcoin price has been on the rise throughout the past 24 hours, managing to rise to around $28,000.
This was due to the liquidation of millions worth of short positions and an overall increase in trading volumes.
As market sentiment improves, we have the opportunity to dive into ChatGPT’s cyberbrain about a question many of us are interested in: how high will Bitcoin’s price rise in the next bull run? I decided to.
But before that, it’s important to answer another important question.
When will the next Bitcoin bull market start?
Before learning about potential price targets, it’s worth understanding when a Bitcoin bull market begins in the first place.
There’s a lot of speculation surrounding this particular topic, but ChatGPT points out some important considerations to keep in mind when narrowing down your starting slot.
According to AI, the most important factors determining the start of the next bull market include:
- Introduction and usage examples
- Institutional investor
- macroeconomic factors
- technology development
That said, what is at stake is the upcoming Bitcoin halving, which has historically been a relatively accurate indicator and served as a harbinger of an impending BTC bull market. It is expected to be held in the late first quarter or early second quarter of 2024.
How high will the price of Bitcoin rise?
ChatGPT mentions multiple factors that will determine the price of Bitcoin in the next bull market, one of which is institutional involvement.
Institutional investors such as hedge funds and large corporations are beginning to show interest in Bitcoin. Increased adoption by institutions may lead to increased demand and higher prices.
Indeed, while companies like MicroStrategy already hold vast amounts of BTC, many believe institutional adoption is nowhere near the level it would be if a spot Bitcoin ETF were approved.
In this regard, the US Securities and Exchange Commission (SEC) recently postponed multiple applications for spot Bitcoin ETFs. Namely, the commission delayed decisions on applications from BlackRock, Valkyries, Invesco, Bitwise, and others.
Many are hopeful that the involvement of BlackRock, the world’s largest asset manager, will eventually lead to the approval of a Spot Bitcoin ETF, but it remains to be seen whether that will happen.
Some very popular analysts base their BTC price predictions on the approval of such funds. Fundstrat’s Tom Lee said Bitcoin could reach $180,000 only if the Spot Bitcoin ETF is approved.
That being said, some of the more interesting price predictions for BTC throughout the next bull market include:
- $148,000 by Pantera Capital
- $100,000 by March 2024 by Adam Back
- Written by Robert Kiyosaki, $120,000 in 2024
- $100,000 by 2024 by Standard Chartered