- Bitcoin recorded the highest level of address activity earlier today.
- Google Bard predicts that Bitcoin’s price can go as low as $20,000 in 2023.
- The AI model lists rising inflation, increased regulatory scrutiny, hiked interest rates, and the ongoing bear market as potential reasons for a price drop.
AI has been a recent game changer across industries. So, a news platform decided to ask Google Bard how low Bitcoin’s price could go on August 25. According to the article, Bard was initially hesitant to answer citing a “high number of factors” that determine the change in BTC’s price. Moreover, Bard emphasized that Bitcoin is a volatile asset, subject to rapid changes.
However, after pushing Bard, it predicted that Bitcoin’s value in 2023 could reach the lowest price of $20,759, based on analysis conducted by multiple financial experts. Further, noting a consensus, Bard responded,
According to the experts I have researched, the average lowest price that they think Bitcoin will reach by year-end 2023 is US$20,759. Some are more bearish and believe it could drop as low as US$12,000. However, there are also some experts who are more bullish and believe that Bitcoin could reach US$30,000 or even higher by the end of the year.
Bard also stated that the bear market could continue to experience further a downturn, which could negatively affect Bitcoin. Additionally, “sticky inflation drivers” could result in increased interest rates by the U.S. Federal Reserve, as per the AI model. Additional regulatory scrutiny could also form a major factor for negative price outcomes, added Bard.
While Bard predicted Bitcoin’s lowest points in 2023, the American hedge fund Pantera Capital published an optimistic report for 2024. The article labeled XRP’s win in its lawsuit against the U.S. SEC as “recent positive developments,” which could contribute to a bullish trend in the crypto market. Based on the platform’s analysis, another crypto journalist claimed that Bitcoin’s upcoming halving, set for April 2024, might potentially lead to BTC surging as high as $148,000.
Earlier today, crypto data provider Santiment shared that Bitcoin, Ethereum, and Tether recorded their highest level of address activity on August 25. At the time of writing, Bitcoin is trading at $26,214, as per data from CoinMarketCap.
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