Bitcoin Cash (BCH) is off to a strong start to the second half of 2023 after surging 260% and then falling 26% at the end of June. In this context, he asked ChatGPT-4 to predict the BCH price in early 2024.
It is worth noting that Bitcoin Cash was trading at $242 at the time this news was announced. This represents a loss of 26.55% from the 2023 peak of $329.71. Previously, BCH rose to a yearly high of $90.77, representing a price increase of 263.24%
Currently, Bitcoin Cash is showing strong momentum within the weekly Relative Strength Index (RSI). Meanwhile, its main rival and market leader, Bitcoin (BTC), faces challenges and opportunities.
The first is the significant increase in transaction fees, which have exceeded the annual peak of $31 per transaction and the global average income of $26 per person. However, institutional investors’ interest in Bitcoin is increasing and speculative demand is increasing.
Meanwhile, Bitcoin Cash was recently removed from the Fidelity-based institutional exchange EDX market. BCH’s listing on EDX triggered a rise in prices in June, and its delisting resulted in significant losses.
ChatGPT-4 predicts BCH price in early 2024
Meanwhile, GPT-4 Turbo AI asked its model to provide bullish, neutral, and bearish price predictions for BCH.
Considering the high BTC fees and the halving of both cryptocurrencies, AI predicts BCH will reach $500 in early 2024. This would imply a 106% gain for existing buyers, while the downside prediction is for a 25% loss at $180.
Interestingly, the latter is considering a greater focus on Bitcoin as it faces spot approval for its Bitcoin ETF, as reflected in the delisting of EDX.
In general, the cryptocurrency market is volatile and unpredictable, and this also affects Bitcoin Cash price fluctuations. As always, the outcome of BCH 2024 will largely depend on the fundamental factors affecting supply and demand. Investors should always do their own research and draw their own conclusions when investing in cryptocurrencies.
