Claude 3.5 Sonnet AI sets Bitcoin price for the end of 2024
Bitcoin’s momentum has faded with a crash to a key support level of $60,000, pressured by huge sell-offs. Finbold consulted Claude 3.5 Sonnet, the newest and allegedly superior artificial intelligence model, for insights. Claude 3.5 Sonnet predicts Bitcoin will trade between $85,000 and $95,000 by the end of 2024.
Claude 3.5 Sonnet Analysis
The analysis by Claude 3.5 Sonnet considered various factors, including the halving event, institutional adoption, macroeconomic factors, regulatory environment, technical analysis, market sentiment, and supply dynamics. Despite facing sell-offs by the governments of Germany and the United States, along with Mt. Gox announcing the repayment of over $8 billion in BTC, Claude 3.5 Sonnet remains optimistic about Bitcoin’s future price.
Bitcoin Market Overview
Bitcoin miners started capitulating with record-low reserves and produced hashrate, while prominent supporters like Peter Thiel have raised concerns about the cryptocurrency’s fundamental value proposition. Despite these challenges, the BTC price remains within a four-month range, currently trading at $61,000.
Market Projections
Crypto traders and investors anticipate a bright future for Bitcoin, with price projections ranging from $80,000 to $500,000. BlackRock and other Bitcoin spot ETF issuers continue to attract traditional finance investors, generating mid-term demand for the cryptocurrency.
Monthly Net Inflow
In June, the U.S. Spot Bitcoin ETF witnessed a monthly net inflow of $668 million, with significant investments from BlackRock, Fidelity, and BitwiseInvest. Despite recent sell-offs by Wall Street, the ETFs still display positive capital flows, indicating a bullish bias.
AI Performance Comparison
Claude 3.5 Sonnet outperformed ChatGPT-4o in various attributes, positioning it as one of the most accurate chatbots currently available. However, investors should exercise caution and conduct thorough research before making financial decisions based on AI predictions.
If Bitcoin reaches Claude 3.5 Sonnet's price targets, BTC could potentially gain between 39% and 55% from current prices. It's essential to remember that cryptocurrencies, including Bitcoin, are highly volatile assets, and market conditions can change rapidly.
Disclaimer: The content provided here should not be considered investment advice. Investing in cryptocurrencies carries inherent risks, and individuals should conduct their research and exercise caution. For more information, visit the Global Disclaimer page.
