Google Bard and ChatGPT Predict Dogecoin Price if Bitcoin Hits...
Prominent AI chatbots Google Bard and ChatGPT have made predictions regarding the price of Dogecoin in the event that Bitcoin reaches the $500,000 price forecast as suggested by Bloomberg. In December 2023, Bitcoin saw a significant uptrend, surpassing $42,000 and signaling the beginning of a bullish market. Bloomberg then made a bold prediction, indicating that Bitcoin could potentially reach $500,000. This forecast represents a substantial 1,090% increase from its previous level of $42,000.
With Bitcoin currently trading at $96,000, it would need to rally by 420% to achieve Bloomberg's projected target. Such a surge in Bitcoin's price could have a ripple effect on the entire cryptocurrency market, including altcoins like Dogecoin, which has historically demonstrated a strong correlation with Bitcoin's price movements. Data from IntoTheBlock shows a 97% price correlation between Dogecoin and Bitcoin over the past month, suggesting that a rise in Bitcoin's price to $500,000 could lead to a significant increase in Dogecoin's value.
AI Predictions for Dogecoin's Price
To explore the potential impact on Dogecoin's price, insights were gathered from two AI chatbots - Google Gemini and ChatGPT. ChatGPT presented three scenarios based on Dogecoin's correlation with Bitcoin and its higher volatility.
ChatGPT Predictions:
1. In a scenario where Dogecoin matches Bitcoin's 420% increase, its price could potentially surge from $0.32 to $1.66, setting a new all-time high.
2. If Dogecoin outperforms Bitcoin with a 1.5x boost in percentage increase, its price might rise to $2.34.
3. In a less optimistic scenario, ChatGPT projected that Dogecoin could lag behind Bitcoin with only an 0.8x increase, potentially reaching $1.39.
Google Gemini Predictions:
Google Gemini, formerly known as Google Bard, took into account Dogecoin's historical volatility during bullish trends. The chatbot considered three different volatility scenarios:
1. In a moderate scenario where Dogecoin's rally doubles that of Bitcoin, its price could climb to $3.01.
2. The chatbot predicts a high volatility scenario where Dogecoin could surge by up to three times Bitcoin's percentage increase, potentially reaching $4.36.
3. In the most aggressive scenario, Gemini projects that Dogecoin could outperform Bitcoin by five times the percentage surge, hitting an ambitious target of $7.05.
