In recent weeks, Bitcoin (BTC) has encountered a formidable downturn, with its value receding to approximately $26,000. This comes barely a month after the cryptocurrency tantalizingly grazed the $30,000 milestone.
The journey downhill can be attributed to a blend of factors, encompassing dwindling market participation, the absence of significant advancements concerning the spot Bitcoin exchange-traded fund (ETF), and rare reports indicating that SpaceX, helmed by Elon Musk, reduced its Bitcoin holdings.
Seeking further insights regarding BTC’s future price trajectory, Finbold consulted with Alphabet’s (NASDAQ: GOOGL) artificial intelligence (AI) bot, Google Bard, on August 25.
Notably, we asked Bard to predict how much Bitcoin’s price will fall in 2023, and outline key factors that could make a notable impact on its price action.
Firstly, Google Bard stressed that the direction of Bitcoin’s price in the coming months is uncertain because it depends on a high number of factors. In addition, Bitcoin is still a volatile asset, the chatbot noted, meaning it can undergo sharp price changes in a brief period of time.
Nevertheless, Bard predicted that the average lowest price Bitcoin could hit in 2023 is $20,759, citing an analysis of multiple financial experts. The consensus projection is based on the lowest estimates of $12,000 and the highest of $30,000, Bard noted.
“According to the experts I have researched, the average lowest price that they think Bitcoin will reach by year-end 2023 is US$20,759. Some are more bearish and believe it could drop as low as US$12,000. However, there are also some experts who are more bullish and believe that Bitcoin could reach US$30,000 or even higher by the end of the year.” News finbold.
– Bard said in its response.
I you good luck and good health. Thanks 🙏 everyone @stmp04.