The price of Bitcoin has surged to around $28,000, driven by the liquidation of short positions and increased trading volume. As the market sentiment improves, there is growing curiosity about how high Bitcoin’s price can reach during the next bull run. To shed light on this matter, the AI ChatGPT provides insights based on important considerations including adoption, institutional investment, regulation, macro-economic factors, and technological developments. Additionally, the upcoming Bitcoin halving, scheduled for late Q1 or early Q2 in 2024, is seen as a significant factor signaling the start of a bull run.
ChatGPT highlights that institutional adoption, driven by hedge funds and large corporations, could greatly impact Bitcoin’s price. Although companies like MicroStrategy already hold substantial amounts of BTC, the approval of a spot Bitcoin ETF could trigger even greater institutional interest and demand. However, the United States Securities and Exchange Commission (SEC) recently delayed decisions on multiple applications for a spot Bitcoin ETF, including those from BlackRock, Valkyries, Invesco, and Bitwise. The involvement of BlackRock, the world’s largest asset manager, has raised hopes for an approved spot Bitcoin ETF. Some analysts, such as Tom Lee from Fundstrat, have based their BTC price predictions on the approval of such a fund.
Several interesting price predictions for Bitcoin during the next bull run have been made. Pantera Capital predicts a price of $148,000, Adam Back forecasts $100,000 before March 2024, Robert Kiyosaki anticipates $120,000 in 2024, and Standart Chartered expects $100,000 by 2024. The ultimate height of Bitcoin’s price will depend on various factors, including institutional involvement and the approval of a spot Bitcoin ETF.
