AI predicts Bitcoin price for year-end 
Cryptocurrency Oct 26, 2024 Share
Bitcoin (BTC) is currently trading around $67,000, signaling a recovery after establishing firm support at the $66,000 level, following a modest 2% decline earlier in the week.
Despite recent market dips, AI models now forecast a bullish year-end target of $78,900 for BTC, spurred by robust institutional demand, rising open interest in derivatives, growing geopolitical tensions, and notable regulatory developments, particularly around Tether’s USDT.
These factors together set an optimistic outlook for BTC, though potential volatility suggests a need for investor caution. At press time, Bitcoin was trading at $67,021, down 0.25% in the last 24 hours and 1.6% on a weekly timeframe.
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BTC seven-day price chart. Source: Finbold
Key drivers behind ChatGPT-4o’s $78,900 year-end BTC target
For a detailed analysis, Finbold provided market projections to ChatGPT-4o for a year-end BTC price prediction. The AI forecast hinges on institutional inflows into Bitcoin ETFs, which reached a remarkable $3.07 billion inflows in October.
Key drivers behind BTC year-end target. Source : ChatGPT/Finbold
BlackRock’s (NYSE: BLK) IBIT ETF is leading the pack with a 10-day streak of positive inflows, highlighting widespread institutional and retail demand for BTC exposure. This demand strengthens BTC’s price trajectory as liquidity and interest from traditional financial channels remain strong.
Additionally, open interest in Bitcoin derivatives has surged, with data from Deribit showing a 9.58% probability that BTC could reach $100,000 by late December, indicating increased investor confidence and market positioning for BTC’s potential rally.
In parallel, heightened geopolitical tensions, such as the recent Israeli airstrikes on Iranian positions. have introduced further market volatility. Yet, Iran informed Israel through a foreign mediator that it would not respond to Israel’s attack, Solid Intel reported.
As a historically favored hedge asset, BTC could see continued interest amid these uncertainties, though prolonged conflict may add further price fluctuations.
Regulatory factors also contribute to BTC’s complex outlook. Tether is under investigation by the U.S. Department of Justice (DOJ), adding a layer of caution for investors relying on stablecoin liquidity within the broader crypto ecosystem.
The U.S. presidential election on November 5 is another potential catalyst. Market sentiment suggests that Trump’s victory could lift BTC due to his crypto-friendly policies. Current betting odds favor a Trump win, which could drive bullish sentiment, though the tight race also brings the potential for short-term price swings.
Moreover, Perplexity AI, using insights from four analysts across four sources, projected Bitcoin’s year-end price in both bullish and bearish scenarios, with the bullish range between $80,000 and $100,000.
With AI models setting the $78,900 target, Bitcoin’s outlook remains bullish as strong demand drivers continue to align. Nevertheless, regulatory scrutiny, geopolitical risks, and political factors make resilience essential for BTC to achieve this year-end target.