AI predicts price of both Bitcoin and Ethereum for end of 2023
Last Updated on 6 November 2023 by CryptoTips.eu
AI or Artificial Intelligence is very hot in 2023. We now see self-driving taxis in San Francisco, internet programs such as ChatGPT and Dall-E that can take over creative jobs once thought of as safe from automation and machine-learning programs that predict the prices of stocks and crypto. It is a real fashion trend this year.
Whether all these programs are very accurate and good at the moment remains to be seen, but it is clear that there is a revolution ongoing in the field of technology. In a few years, the technology behind ChatGPT will probably take over search and even replace some journalists, but right now it all seems more like side-entertainment.
Database
It seems that a technological revolution is also underway for crypto. For example, there are AI programs that teaches itself how to trade and predict prices. Like ChatGPT’s AI, it relies on an ever-growing database of historical data to do so.
Now you may be wondering; how does the program make its prediction? How does it keep getting better? Well, the programs have machine learning technology that includes prediction models and learning systems.
The prediction model is designed with parameters that allow the computer to make decisions. If tech stocks fall sharply and knowing that Bitcoin is correlated with it, the price prediction for Bitcoin will therefore also fall.
As such, the learning component allows the system to change parameters based on experience and historical results. In other words, the more the program trades stocks and crypto, the better it gets.
End of 2023
For example, you can always consult the forecast for tomorrow and the end of the week and since it is fed by various parameters that change every time, the short-term forecasts are usually quite accurate. Longer term though, it is going to depend on whether or not parameters change.
At this point, the program predicts that by the end of 2023, Bitcoin will be priced at $39,000 and Ethereum at $2,300. So hypothetically a very nice profit if you were to get in now. We will know within 9 months whether the program is correct.
