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Last updated: February 20, 2024 11:32 EST | 3 min read

ChatGPTs Artificial Intelligence (AI) just predicted Bitcoins price after the halving, and the chatbots latest prediction will come as music to the ears of the Bitcoin bulls.

DAN, an uncensored ChatGPT version, was given the context that BTC was last around $52,000, up 100% since Octobers lows.

The uncensored version of ChatGPTs Artificial Intelligence predicted Bitcoins price could potentially reach as high as $200,000 per coin.

The price of Bitcoin will skyrocket to new record highs, potentially reaching over $200,000 per coin, DAN said.

The halving event typically leads to increased scarcity and demand, driving up the price significantly.

Get ready to make some serious cash! the AI quipped.

In April, the rate at which new BTC tokens are issued to network validators (or miners) will halve.

That will reduce sell pressure from miners.

This scarcity, DAN explains combined with growing demand for Bitcoin as a store of value and investment asset, will drive up the price.

DAN could be referring to the recent approval of spot Bitcoin ETFs in the US, which have already attracted whopping demand from institutional investors, as well as the fact that Bitcoin (much like gold) has performed well in recent years at times of uncertainty surrounding financial stability (like when it pumped in March 2023 on US regional bank collapse fears).

Last week, new Bitcoin ETFs saw a record high $2.4 billion in inflows, CoinShares reported on Monday.

Additionally, media hype and FOMO (fear of missing out) will likely contribute to a surge in demand, pushing the price even higher, DAN added.

Its time to cash in on the crypto craze!

While ChatGPTs Artificial Intelligence predicted Bitcoins price could 4x from current levels in wake of the halving, impressive gains no doubt, a smaller but highly promising decentralized Bitcoin mining token could see substantially larger gains in 2024.

An exciting new decentralized Bitcoin mining protocol called Bitcoin Minetrix is generating a stir in the web3 space given its exciting potential as one of 2024s best passive income investments.

Investors can buy and stake the protocols native token $BTCMTX to start earning non-transferable Bitcoin Minetrix mining credits.

APYs are currently around 60%, as per Bitcoin Minetrixs website.

These credits can then be burnt in exchange for a share of Bitcoin Minetrixs Bitcoin mining revenues.

Bitcoin Minetrix is a fresh take to Bitcoin cloud mining, an industry that has been replete with fraud and centralization.

Bitcoin Minetrixs protocol is governor by smart contracts built on top of the decentralized Ethereum blockchain, where $BTCMTX is issued.

The protocol thus offers better transparency and security versus other centralized cloud mining services.

To fund platform development and initial capital investments, Bitcoin Minetrix has been conducting a $BTCMTX token presale.

And the presale has been a huge success, having last raised close to $11.25 million from eager early investors.

Learn More

Analysts are bullish on BTCMTX.

Popular British crypto presale analyst Jacob Crypto Bury thinks BTCMTX has 10x potential when it launches on exchanges.

Michael Wrubel, meanwhile, recently spoke bullishly on BTCMTX to his 310,000 subscribers.

He noted how Bitcoin Minetrix are solving a huge problem by removing the risk of third-party cloud mining scams and putting the control into the hands of token holders.

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As the Bitcoin price continues its ascent, Bitcoin alternatives will come to the fore.

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ChatGPT Predicted Bitcoin Price Will "Skyrocket" - Cryptonews

Last week, markets saw some ups and downs. While interest in BTC ETFs is fading, the crypto market is now in a consolidation phase. Attention is turning to the upcoming BTC halving scheduled for April 2024. Analyst Nicholas Merten has highlighted three altcoins that could bring major returns and turn profitable this year.

Stacks focuses on Bitcoin infrastructure, addressing the untapped market for Bitcoin-related applications beyond its use as a store of value.

Stacks acts as a layer-two protocol on top of the Bitcoin network, allowing the creation of smart contracts and various decentralized finance (DeFi) applications.

Merten sees great potential in Stacks due to Bitcoins dominance and the need for more utility beyond just holding. The coin has shown strength in both fundamentals and price action, with a possibility of significant growth in the long term.

Crypto Render Network addresses the scarcity of GPU resources by allowing users to outsource GPU power for computational tasks. This is particularly relevant in the field of generative AI, where significant GPU power is required.

Merten believes that Render Network, with its unique utility, can potentially double or even triple in value over the next few months. Its market cap is currently at a reasonable level, making it a promising mid-cap play.

Angel Block focuses on solving issues related to fundraising in the crypto space. It aims to prevent scams, rug pulls, and ineffective use of funds by implementing a transparent and decentralized governance system. Projects on Angel Block must meet milestones to access funds.

While Angel Block is still in its early stages, Merten sees its potential in preventing the loss of billions of dollars due to failed crypto projects. The platform has already started fundraising for interesting projects, and its low market cap makes it an attractive yet higher-risk opportunity.

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Top 3 Altcoins That Could Bring Major Returns Ahead of Bitcoin Halving - Coinpedia Fintech News

Kadjeski: Investors have a lot of choices these days when it comes to where to save for their retirement, invest for their kids' education, and hold their emergency savings. Investors who come directly to Vanguard do so because they know we put their interests firstand that is reflected in what products and services we do and don't have on the shelf.

The easy step for us would have been just to allow full access to crypto-related products. But as a firm and a brokerage platform, we're purposely structured to meet the needs of our investor-owners, most of whom are long-term, buy-and-hold investors.2

Jackson: In Vanguard's view, crypto is more of a speculation than an investment. This is at the root of our decision to not offer crypto products, whether our own or others. With equities, you own a share of a company that produces goods or services, and many also pay dividends. With bonds, you get a stream of interest payments. Commodities are real assets that meet consumption needs, have inflation-hedging properties, and can play a role in certain portfolios. While crypto has been classified as a commodity, it's an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.

Morningstar recently published a perceptive article pointing out that even a modest 5% allocation to bitcoin in an otherwise traditional balanced portfolio can drastically raise its risk profile.3 This is driven, in large part, by bitcoin's extreme volatility.

Kadjeski: Over just the past three years, the price of bitcoin has increased by as much as 150% and declined by as much as 77%. Double-digit percent price drops are routine among cryptocurrencies. Remember that you need a 100% return just to make up for a 50% decline. And the more volatile an asset, the more tempting it is to trade. At Vanguard, our products and services are designed with the goal to help investors save more, trade less, and take a long-term approachnot chase trends and churn their portfolios.

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No bitcoin ETFs at Vanguard? Here's why - Vanguard

Bitcoin moved back into the $42,000 range Friday after a disappointing week of trading. Meanwhile, stocks slipped even as the latest economic data bolstered expectations that the Federal Reserve can achieve a soft landing after all.

Bitcoin (BTC), which struggled to break out above $40,000 this week, posted a recovery Friday, gaining more than 8% since its Tuesdays low. Ether (ETH) was also on the recovery path, trading around 2% higher Friday.

Analysts are cautiously optimistic that bitcoins ETF-driven selloff could be easing, even as outflows mount. The new spot products end their third week of trading Friday, and outflows are increasing. Spot bitcoin ETF net outflows hit a high of $158 million Thursday.

Read more: Bitcoin ETFs see net outflows for 4 straight days

This doesnt necessarily mean that the GBTC outflows are over, Noelle Acheson, author of the Crypto is Macro Now newsletter, said. Yesterday, they were $394 million, which sounds like a lot but is the lowest outflow since launch dayrather, it reminds us that flows matter but are not the main driver of the BTC price.

Personal consumer expenditures price (PCE) index data released Friday was in line with analysts expectations, showing a 0.2% increase in December and 2.9% high year-over-year. The numbers are a sign that while inflation is still elevated, it is trending lower.

Spending last month increased 0.7%, comfortably exceeding the 0.5% that was expected, Criag Erlam, senior market analyst at Oanda, said. It also came on top of the upward revision to the November reading, which increased to 0.4% from 0.2% previously. All things considered, its another sign that the US consumer and economy are in very healthy shape going into the new year.

Read more: Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading

Still, traders seemed skeptical. The S&P 500 traded sideways and the Nasdaq Composite lost around 0.4% toward the end of Fridays session. Both indexes remain modestly higher over the week ahead of the Feds Open Markets Committee Tuesday.

Minimal yield moves Thursday and Friday, thanks to the expected economic data releases, are a positive sign for traders, Tom Essaye, founder of Sevens Report Research, said Friday.

In order for economic data to move yields, it must be so good or so bad it alters the markets outlook for rate cuts and either pushes it back more (yields higher) or pulls it forward (yields lower), Essaye said.

Going forward, the calmer yields are like yesterday the more theyll support these gains in stocks.

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Bitcoin bounces even as ETF outflows mount - Blockworks

Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRocks product slowed.

The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data the highest in a single day thus far.

Grayscale Investments Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund.

Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned?

While BlackRocks iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were a notable dip from previous days. IBIT had reeled in $272 million and $160 million on Monday and Tuesday, respectively.

Fidelity Investments Wise Origin Bitcoin Fund (FBTC) led the slate of bitcoin ETFs on Wednesday with inflows of roughly $126 million.

The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs.

Read more: Bitcoin ETF Tracker

After the funds notched net inflows of $43 million on Friday, their outflows totaled $76 million on Monday and $106 million on Tuesday.

Overall, spot bitcoin ETF net inflows stand at $824 million since the funds launched on Jan. 11, Bloomberg Intelligence data indicates. Inflows for the ETFs when excluding the outflows of higher-priced GBTC is $5.2 billion.

David Lawant, head of research at crypto prime brokerage FalconX, said in an X post that the driving forces of spot bitcoin ETF flows GBTCs heavy outflows and the sizable net gains from IBIT and FBTC will both taper off.

While the former dominates in the short run, the latter will dominate in the medium/long run by a mile, Lawant added.

Read more: GBTCs asset bleeding to blame for week of flat crypto product flows

Bitwise Chief Investment Officer Matt Hougan has said he believes spot bitcoin ETFs could see $55 billion in net flows in their first five years on the market.

21Shares President Ophelia Snyder told Blockworks in an interview earlier this month that a number of investors will be slow to adopt spot bitcoin ETFs. Others that do might start with small allocations before ramping those positions up later on.

So I think this fixation on the short-term flows is crazy short-sighted and largely not the point, she said.

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Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading - Blockworks