As Bitcoin drops to $50,000, AI Chatbots predict an even deeper crash for August of 2024

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Last Updated on 5 August 2024 by CryptoTips.eu

Bitcoin fell to the $50,000 level on Monday morning as concerns about an impending war and economic difficulties only intensified over the weekend. Some AI chatbots however fear this is just the beginning of a bigger downfall.

At the time of writing, Bitcoin is trading for $51,400.

Japan’s Nikkei 225 stock market dropped by 12% in a historic rout.

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AI Chatbots are becoming ever better and more accurate in 2024. Whereas in the beginning the year, they were overly positive about the price of Bitcoin, things have changed in recent weeks (and certainly since we noticed a correction for technology stocks). We asked some of them where Bitcoin will end in August.

If you’re surfing the internet nowadays, you know that everything is AI related. The popularity of AI solutions has increased exponentially this year, just like the share price of the well-known chip maker Nvidia (which is now the largest supplier of AI chips).

Social media sites all have their own AI chatbots which can ask you questions. In addition to the well-known ChatGPT, there is now also Bard (which belongs to Google), Grok (which belongs to X, formerly Twitter), CodeWhisperer (developed by Amazon), My AI (developed by Snapchat) and many others. Just as at the start of the year, we tried out a few to ask where Bitcoin will end in August 2024.

Although almost all of them still post some kind of ‘disclaimer’ which states that investing always involves a risk, you can easily see how these ‘large language models’ know quite well what Bitcoin is and what its current price is.

August

When asked for a price prediction for the end of August, most chatbots were quite negative in their prediction for the next four weeks.

For example, Perplexity.ai, which you can consult without a registration, foresees a possible bottom of $50,000 during the month and a support line around $52,000. Bard and Grok argue that geopolitical and economic conditions are very unstable at the moment, making this a very difficult prediction. The lowest prediction came from CodeWhisperer which claimed that Bitcoin could go as low as $40,000.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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