AI thinks Bitcoin to rise another 70% this year
Last Updated on 5 September 2023 by CryptoTips.eu
Bitcoin has had a fantastic first quarter in 2023 with gains of around 70% and according to AI (artificial intelligence) calculations, it will add another 70% by the end of this year.
Historical data
As we reported about a month ago, there are now AI programs available online that teach themselves how to trade and predict prices. Every day they get a little bit better.
Like ChatGPT’s AI, these programs rely 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 system operates via a machine learning technology that includes prediction models and learning systems. The prediction model is designed with parameters that allows the computer to make decisions. For example: if Tech stocks fall sharply and knowing that Bitcoin is very correlated with it, the price prediction for Bitcoin will also fall.
Silicon Valley Bank
In the last few days, that AI model has also received the latest jobs data from the US and text from the interview that Jamie Dimon, the well-known CEO of JP Morgan Chase, gave. Dimon is so well known that when he says something, everyone in the financial world listens. It was his first interview since the bankruptcy of Silicon Valley Bank, so most commentators wanted to know what he thought.
According to him, the banking crisis will still last for a while and there is now a greater risk of recession in the US. That is actually good news for Bitcoin. Knowing that the largest digital currency rose by some 20% while bank stocks fell for almost two weeks at the beginning of the month, the AI model has again adjusted its price prediction.
The model now believes that Bitcoin will reach $47,000 by 31 December 2023, or a gain of another 70% over the next 8 months.
spaxiax / Depositphotos.com
