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- ChatGPT highlights institutional interest, regulatory shifts and the Bitcoin halving in 2024 as important factors for BTC price movement.
- Past events such as the Tesla purchase and China’s crackdown have affected BTC prices.
- Current Google Trends data indicates limited public interest in Bitcoin.
These factors may lead to higher prices
The AI-powered language model ChatGPT estimated that there are ten vital elements that must be in place for the price of Bitcoin to start rising next year. Among the most important are supply and demand, institutional interest, and regulatory developments.
Specifically, upcoming actions from giant institutions or massive purchases could push Bitcoin northward. It is worth noting that the cryptocurrency community has already witnessed such a development at the beginning of 2021 when the electric car giant Tesla… Buyer $1.5 billion in assets and later authorized payment.
Positive regulatory news, such as potential approval of BlackRock’s intention to launch a spot BTC ETF in the US, could also influence the price. On the other hand, bans or crackdowns may have a negative impact. Recall that BTC crashed in September 2021 when the Chinese authorities Forbidden All operations involving the asset.
Other factors that can play a role include macroeconomic events (potential recession or monetary policy decisions), technological developments, media influence, market manipulation, broader adoption, speculation, and the upcoming halving.
Bulls are highly anticipating the BTC halving scheduled for spring 2024 as it has previously led to significant price increases. The last such event was in May 2020, and in the following months, the underlying cryptocurrency began an impressive rise that eventually led to… receipt to an all-time high of nearly $70,000.
Is it time to buy Bitcoin now?
A recent analysis by market data platform CryptoQuant identified mass enthusiasm for Bitcoin (BTC) as another bullish factor that could send prices higher. However, the entity estimates that “there is still little interest and no new inflow,” which means that the peak of the bull market is “far away.”
The last time Bitcoin’s popularity skyrocketed was at the beginning of November 2021. A few days later, the asset’s price rose to nearly $69,000, a level not seen since.
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