TL;DR
- Bitcoin started 2024 on a strong note, hitting an all-time high of over $73,500, but has since fallen to around $63,000. A new bull market could depend on factors such as technological advances, adoption rates, and global events.
- Key influences on BTC's future price include a possible change in the US Federal Reserve's interest rate policy and the outcome of Ripple's lawsuit against the SEC, both of which have a significant impact on investor sentiment and market trends. may give.
overall situation
Bitcoin (BTC) started 2024 on a good note, gradually increasing in price in the first quarter and hitting a new all-time high of over $73,500 in mid-March. However, for the past two months, Not It was a success, and assets briefly fell below the $60,000 mark. the current It is trading for around $63,000 (according to CoinGecko data).
That's why we decided to ask ChatGPT if a new bull market is coming this year. The AI-powered chatbot claimed that it is important to predict Bitcoin price trends. very It is speculative and depends on several factors.
We hypothesized that a new bull market could be triggered by technological developments, increased adoption, positive investor sentiment, public interest, geopolitical events, etc.
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In addition to it, The aforementioned factorsChatGPT mentioned two specific factors that could trigger a recovery in BTC price: action from the US Federal Reserve and the outcome of the lawsuit between Ripple and the US SEC.
Immediately after the coronavirus pandemic, the US central bank launched aggressive anti-inflation policies to reduce inflation in the world's largest economy. The introduction of multiple interest rate hikes may have halted investment in risky assets such as cryptocurrencies.
However, there are some signs that suggest the Fed may reverse course later this year, and many BTC bulls are counting on it.
“Lowering interest rates could stimulate the economy.” flow of money Convert investors to Bitcoin by changing their behavior and adjusting their risk appetite. A combination of these factors could contribute to the rise in Bitcoin price,” estimated ChatGPT.
Furthermore, Ripple's decisive victory in its lawsuit against the SEC could help revive the entire crypto market. The companies entered the trial phase last month, and some say it is now more likely that Ripple will win, with three partial court victories secured throughout 2023.
“Ripple’s victory may be be seen In a defeat against potential overreach by regulators like the SEC, investor confidence in major cryptocurrencies' resilience to regulatory challenges is growing. this “This could encourage both retail and institutional investors to increase their investments in cryptocurrencies, including Bitcoin,” the chatbot concluded.
