TL;DR
- ChatGPT highlights institutional interest, regulatory shifts, and the 2024 Bitcoin halving as significant factors for BTC’s price movement.
- Past events like Tesla’s purchase and China’s crackdown influenced BTC prices.
- Current Google Trends data suggests limited public interest in Bitcoin.
These Factors Might Propel a Price Rally
The AI-powered language model ChatGPT estimated that there are ten vital elements that should be in place for Bitcoin’s price to start rising next year. Among the most essential ones are supply and demand, institutional interest, and regulatory developments.
Specifically, action coming from giant institutions or massive purchases can push BTC north. It is worth mentioning that the crypto community has already witnessed such a development at the beginning of 2021 when the EV behemoth Tesla bought $1.5 billion worth of the asset and later allowed payments with it.
Positive regulatory news, such as the potential approval of BlackRock’s intention to launch a spot BTC ETF in the States, can also influence the price. On the other hand, bans or crackdowns could have a negative effect. Recall that BTC went on a downfall in September 2021 when the Chinese authorities prohibited all operations involving the asset.
Other factors that could play a role include macroeconomic events (probable recessions or monetary policy decisions), technological developments, media influence, market manipulation, wider adoption, speculation, and the upcoming halving.
Bulls highly expect the BTC halving scheduled for the spring of 2024 as it has previously triggered considerable price increases. The last such event was in May 2020, and in the following months, the primary cryptocurrency started an impressive ascend that eventually reached to an all-time high of almost $70,000.
Is it Time to Buy BTC Now?
A recent analysis conducted by the market data platform CryptoQuant determined that the mass enthusiasm for Bitcoin (BTC) is another bullish factor that could lead to a price surge. However, the entity estimates that “there is still little interest and there is no new influx,” meaning the peak of the bull market is “far away.”
The last time BTC’s popularity spiked substantially was at the beginning of November 2021. A few days later, the asset’s price blasted to approximately $69,000, a level unmatched ever since.
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Dimitar Dzhondzhorov
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