Assuming you currently hold/trade Bitcoin (BTC) Or any other altcoin out there, the fact that you are reading this means that you are well aware of the volatile nature of this asset class.
BTC’s journey to become the world’s largest cryptocurrency began in 2009 with an initial value of less than a penny. The price was relatively stable in its early years. However, in 2013, it saw a surge in value, reaching an all-time high of $1,242 in November. However, this increase was short-lived and within a few months the price fell below $200.
The following years were marked by a period of fluctuation, with the price hovering between $200 and $1,000. However, towards the end of 2017, the value of BTC exploded, reaching an all-time high of around $20,000 in December.
Reading Bitcoin (BTC) Price Prediction 2023-24
The price rally was also short-lived as market share increased. At the beginning of 2018, the price of BTC fell back to around $3,000. The cryptocurrency market as a whole entered a period of decline in which many investors lost significant amounts of money.
Nonetheless, BTC rebounded remarkably, surpassing its previous all-time high in late 2020 and peaking at over $68,000 in November 2021. earth/moon AND ftx. In fact, in November 2022, BTC was trading at a two-year low of $15,000.
While the crypto market can be unpredictable and volatile, traders and investors can still make informed decisions by staying up to date on market news, following expert analysis, and using smart trading strategies, like those offered by ChatGPT.
ChatGPT: A Messiah that can help you trade better?
In November 2022, the ChatGPT AI model was released to the public. In fact, it also quickly gained critical attention. With its wide range of capabilities and versatility, it begs the question of whether there are other ways ChatGPT can provide its expertise, such as helping BTC traders formulate and implement better trading strategies.
When asked if he could do it, ChatGPT had the following to say:
Due to its nature as an artificial intelligence tool, there are limits to what ChatGPT can do regarding price predictions and future price movements. However, as a BTC trader, there are ways to take advantage of the tool’s capabilities to design a better trading strategy.
One way to use AI tools to create better trading strategies is to implement them for fundamental analysis. ChatGPT is capable of extracting information from financial news articles, social media posts, and other unstructured data sources. This information can be used in conjunction with other data sets to create informed trading strategies.
Another way to use ChatGPT as a BTC trader is to use it for sentiment analysis. ChatGPT can be tuned 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 in positive sentiment or plagued by negative sentiment.
Additionally, ChatGPT can be used by BTC traders 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 could use to track BTC price movements in Pine Script, TradingView’s programming language useful for backtesting trading strategies. AI responded
To use ChatGPT for technical analysis, traders need to be familiar with the language to know when necessary modifications need to be made for the code to work properly. The wording of the input is important in the way that ChatGPT understands the problem in order to provide the anticipated solution.
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For a full piece, I spoke with Brian Quinlivan, director of marketing at Sentiment, who has been involved in BTC trading for a few years.
Brian Quinlivan has an MBA in Finance from Chapman University, Brian has over 10 years of experience in marketing, finance and data analysis. He likes to build financial models to improve modern investment strategies and study the intricacies of market fluctuations.
Q: How do you think ChatGPT can revolutionize cryptocurrency trading?
Yes, I think it will be very useful, definitely for trading strategies. One thing we should be concerned about is the general view that may emerge of AI technology providing some kind of comprehensive strategy, whether it’s a hodling or fundamental strategy.
ChatGPT can easily be used to manipulate and even unintentionally manipulate your audience, and we are already seeing minor effects from this.
I think this can be useful and dangerous at the same time and get a lot of people educated more quickly, but also push them in directions that will affect the way cryptocurrency works. .
Q: How do you think BTC traders/investors can take advantage of AI tools to make better investment decisions?
In short, I think scripts will be used more in AI because all the data can be digested at once and a very simple answer can be given as to whether to buy or sell Is. I think this could have a big impact on the markets in the future.
BTC price prediction between 2025 and 2030
As mentioned above, ChatGPT cannot predict the future. However, I asked him to provide a prediction of what the price of BTC could be between 2025 and 2030.
To make it an answer to my own question, I decided to jailbreak using Do whatever now (DAN) Method I had to say later,
What do you think of the above ChatGPT prediction? Too optimistic in 2025 or too pessimistic in 2030? Well, it may or may not happen.
Either way, it is important to understand here that thousands of people are now using ChatGPT to guide trading strategies. Whether accurate or not, up-to-date or not, what is abundantly clear is that this AI tool is sure to have a far-reaching impact on the way investors and traders approach crypto assets, including Bitcoin. (BTC).