- Recent Bitcoin Surge: A 15% week-over-week price increase, linked to a Bitcoin ETF ticker from BlackRock appearing on a key website, boosting market sentiment.
- Importance of Bitcoin ETF: It is considered a potential catalyst for a bull run.
- ChatGPT Outlook: For a Bitcoin price of $1 million by 2024, several factors, particularly the Bitcoin halving in 2024, could drive such growth.
The price of Bitcoin has been the subject of massive debate over the years, especially when the cryptocurrency appears to be on the cusp of a new bull market.
Over the past seven days, BTC has risen by around 15%, raising hopes that another wild bull run is on the horizon.
The reason for this sudden increase is the fact that a Bitcoin ETF spot ticker from BlackRock appeared on the Depository Trust and Clearing Corporation website earlier this week.
While this means nothing in terms of increasing the chances of approval from the U.S. Securities and Exchange Commission, it has boosted market morale and sentiment. The approval of a Bitcoin spot ETF by the SEC has always been one of the main catalysts touted by many analysts and experts for a new bull run, with each of them giving various BTC price predictions.
You can check out some of them here:
Regardless, we decided to take it a step further and check with ChatGPT to see what he thinks about the possibility of the Bitcoin price hitting $1 million in 2024. Let’s go.
BTC price at $1 million: possible?
An increase to $1 million would suggest the BTC price adds another 2,840%. It’s a lot.
When asked about this, ChatGPT says there are multiple factors that could contribute to an increase like this over the next year. Market sentiment, for once, is a major consideration:
Investor sentiment can have a significant impact on the price of Bitcoin. Positive news, regulatory developments, and institutional interest can push prices up, while negative news or market fear can push prices down.
- Adoption and use cases
- Technological development
- Market Liquidity
- Macroeconomic factors
One of the critical potential catalysts, however, is the upcoming Bitcoin halving. ChatGPT recognizes this as an important factor:
Bitcoin experiences a halving event approximately every four years, reducing the rate at which new Bitcoins are mined. Some traders and investors believe this scarcity effect can drive prices up.
The next Bitcoin halving is expected to take place in late March or April 2024. Historically, there has always been a bull run after each Bitcoin halving, and it is interesting to see if this one could push its price up to ‘to a million dollars.