Bitcoin $BTC has regained ground, trading at $100,582.99 at press time after briefly pulling back to $94,000 earlier this week .ChatGPT
The cryptocurrency market remains in flux, with investor sentiment split between optimism driven by institutional interest and concerns over ongoing economic uncertainties.
Institutional players like MARA Holdings (NASDAQ: MARA) and Riot Platforms have increased their bitcoin exposure, showing confidence in the asset’s long-term potential.
However, skepticism persists, highlighted by Microsoft’s (NASDAQ: MSFT) shareholders rejecting a proposal to add Bitcoin to the company’s balance sheet, reflecting lingering hesitancy among traditional corporate players
BlackRock’s (NYSE: BLK) iShares Bitcoin Trust ETF (IBIT). On Monday, IBIT reported inflows exceeding $394 million, according to data from Farside Investors, showing growing institutional interest in Bitcoin as an investment vehicle.
Historical context: December’s mixed record
December has been a historically unpredictable month for Bitcoin, with an average return of 5%, though six out of the past 11 Decembers have posted negative results.
However, bull markets have delivered standout performances, such as a 46.92% gain in 2020 and a 38.89% rise in 2017. Conversely, the volatility of year-end trading is evident in years like 2013, when Bitcoin dropped 34.81% in December despite a massive 449.35% rally in November, as reported by Coindatacap.
ChatGPT’s Bitcoin price prediction
Based on historical trends and current market dynamics, ChatGPT envisions two potential scenarios for Bitcoin’s price by December 31, 2024.
In a bullish scenario, AI predicts that Bitcoin could rise to $105,000, fueled by sustained institutional inflows, easing monetary policies, and a stable macroeconomic environment.
Conversely, in a bearish scenario, Bitcoin may consolidate around $94,000, reflecting cautious investor sentiment and potential market headwinds.
That being said, the market is closely monitoring the upcoming US Producer Price Index (PPI) data, which will shed light on inflationary trends and inform the Federal Reserve’s rate-cut trajectory.
Combined with ongoing institutional activity, these factors are poised to shape Bitcoin’s performance in the final weeks of the year.
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