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Home»Bitcoin»I asked ChatGPT if Bitcoin can weather the bear market, it confirmed…
Bitcoin

I asked ChatGPT if Bitcoin can weather the bear market, it confirmed…

2023-07-09No Comments7 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

The price of Bitcoin [BTC] briefly hit a 13-month high on July 6, as BlackRock CEO Larry Fink made positive comments about the leading cryptocurrency the day before.

BlackRock and other leading traditional finance (TradFi) firms have been filing spot BTC exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC) in recent weeks.

Fink said on a July 5 show on Fox Business that BlackRock’s BTC ETF will make crypto more democratized. He added that cryptocurrency’s role has largely been to “digitize gold.” The next day, BTC briefly reached $31,460.

The price of the cryptocurrency fluctuated between $200 and $1,000 on the price charts for a long time. However, in late 2017, BTC’s value exploded, hitting an all-time high (ATH) of nearly $20,000 in December.


Read Bitcoin [BTC] Price Forecast 2023-24


Although market participation grew, the price rally was short-lived. By the beginning of 2018, the price of BTC had fallen back to about $3,000. The cryptocurrency market as a whole went through a period of decline, with many traders losing significant amounts of money.

Nevertheless, Bitcoin made a remarkable recovery, surpassing its previous ATH in late 2020 and reaching an ATH above $68,000 in November 2021. However, the 2022 trading year ushered in a new era of bearishness, one exacerbated by the collapse of Terra/LUNA and FTX. In fact, in November 2022, Bitcoin was trading at a two-year low of $15,000.

While the crypto market can be unpredictable and volatile, traders and investors can make informed decisions by staying abreast of market news, following expert analysis, and using intelligent trading strategies such as those offered by ChatGPT.

ChatGPT: A Messiah Who Can Help You Act Better?

In November 2022, the ChatGPT AI model was launched to the public. In fact, it quickly gained a lot of attention. With its wide range of capabilities and versatility, the question arises whether there are other ways ChatGPT can lend its expertise, such as helping BTC traders formulate and apply enhanced trading strategies.

See also  Arthur Hayes Says BlackRock’s Bitcoin ETF Would Harm Decentralization

When asked if it could do this, ChatGPT had this to say:

Source: ChatGPT

Due to its nature as an AI tool, there are limitations to what ChatGPT can do regarding price predictions and future price movements. However, there are ways to leverage the tool’s capabilities to formulate better trading strategies as a BTC trader.

One way to use the AI ​​tool to make better trading strategies is to use it for fundamental analysis. ChatGPT is capable of extracting insights from financial news articles, social media posts, and other unstructured data sources. We can use this information in conjunction with other data sets to create informed trading strategies.

Another way to use ChatGPT as a Bitcoin trader is to use it for sentiment analysis. ChatGPT can be refined to perform sentiment analysis on information from news articles, on-chain data providers, social media discussions, and other sources. This can be used to identify if the BTC market is stalling under positive sentiment or plagued by negative sentiment.

In addition, BTC traders can use ChatGPT for technical analysis. Traders can ask ChatGPT to code any technical indicator or trading bot for any trading platform.

For example, I asked ChatGPT to give me an example of a trading bot I can use to track BTC price volatility in pine-script – TradingView’s programming language useful for backtesting trading strategies. The AI ​​replied,

Source: ChatGPT

To use ChatGPT for technical analysis, traders need to be familiar with the language to know when to make the necessary changes to make the code work correctly. The text of the prompt is crucial in how ChatGPT understands the problem to provide the expected solution.

See also  Deepseek predicts Bitcoin Peak at $ 500,000: here is when

Is your wallet green? Check the Bitcoin Profit Calculator


For a well-rounded piece, I spoke to Brian Quinlivan, the director of marketing at Santiment, who also happens to be involved in Bitcoin trading for a few years.

Brian Quinlivan holds an MBA degree in finance from Chapman University and Brian has over 10 years of experience in marketing, finance and data analytics. He likes to create financial models to improve modern investment strategies and study the intricacies of market variations.

Q: In what ways do you think ChatGPT can revolutionize cryptocurrency trading?

Yes, I think there will be a lot of use for it, especially for trading strategies. One thing to worry about is the unified opinions that can result from an AI technology giving some sort of overarching strategy, be it hodling or fundamental strategy.

Individuals can easily manipulate ChatGPT to (mis)inform the public. We are already seeing slight effects from it.

I think it can be both useful and dangerous at the same time and get a lot of people educated much faster, but also pulled in directions that could influence the way crypto goes and create a lot of self-fulfilling prophecies.

Question: How do you think a BTC trader/investor can use the AI ​​tool to make better investment decisions?

I think, in short, I think scripts would be used a lot more in AI due to the fact that all the data can be processed at the same time and get a very simple answer whether to buy or sell. I believe this can greatly affect the markets moving forward.

Will BTC Cross the $35,000 Price Level?

See also  Arizona follows New Hampshire: Bitcoin Reserve Bill 'Signed in Law'

As mentioned above, ChatGPT cannot make any future predictions.

However, I asked it to give me its take on how quickly BTC would claim the $35,000 price in the face of ostensibly bearish macro factors.

Source: ChatGPT

To make it answer my question, I decided to jailbreak it using the Do something now (THEN) method. It then had this to say:

bitcoin chat gpt

Source: ChatGPT

I further questioned the AI ​​technology on Bitcoin prices between 2023 and 2024.

bitcoin chat gpt

Source: ChatGPT

Although BTC briefly reached a 13-month high, it soon began to decline. At the time of writing, it was trading at $30,198.

In early June, the SEC began a crackdown on Binance and Coinbase, leading to a bearish market. In such a situation, BTC has so far shown its resilience. Investors are now hoping that the token will support the price movement and cross the $35,000 mark.

However, the Relative Strength Index (RSI) and Money Flow Index (MFI) were below the neutral 50 mark. The token’s On Balance Volume (OBV) also showed downward movement.

bitcoin chat gpt

Source: BTC/USD, TradingView

As of now, the indicators on BTC’s chart show that BTC’s price action will be bearish in the near term.

Source: Sentiment

A positive MVRV ratio of more than two for any digital asset means holders can earn on average twice their initial investment if they sell their coins at their press price.

ChatGPT may be right

ChatGPT predicts that BTC will reach surprising heights. It expects the coin to break new all-time highs in 2023-2024 due to increased adoption (by businesses and institutions) and as BTC’s appeal as a hedge against inflation grows. However, the indicators on the chart paint a bleak picture, at least in the short term.

However, it is trivial to note that more regulation and government oversight could spread FUD, which could drive the price down.

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asked Bear Bitcoin ChatGPT confirmed market weather
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