Zhao Rejects ChatGPT’s Post-Halving BTC Price Prediction
According to ChatGPT, Bitcoin price could reach $135,000 after the fourth Bitcoin halving in April 2024. However, Binance CEO Changpeng Zhao downplayed the prediction made by ChatGPT based on historical Bitcoin price movements, saying that ChatGPT cannot predict Bitcoin price. Zhao shared the price of Bitcoin after the previous three halvings. Changpeng Zhao thinks that historical data does not always provide exact values, but can be a forecast reference for the level at which the BTC price will rise. Bitcoin’s value rises drastically as its supply is halved after each halving event.
Before & after the halving, you will hear a lot of “why didn’t the price move (everyday)?”
1st halving, 2012 Nov: $12
2nd halving, 2016 Jul: $658
3rd halving, 2020 May: $8,800
4th 2024: …
History does NOT predict the future. But zoom out…
Bitcoin halving halves BTC block mining rewards and reduces the supply of BTC, resulting in an increase in BTC price. ChatGPT estimated the price of Bitcoin by comparing the price of BTC after the first halving in 2012, the second halving in 2016, and the third halving in 2020. According to the sequential analysis, BTC price could rise as high as $135,000.
However, Binance CEO said that artificial intelligence has no idea about Bitcoin price. On the other hand, according to Ark Invest CEO Cathy Wood, the price of Bitcoin will exceed $1 million in 2030 and $500,000 in 2026. The halving event, in which Bitcoin is reduced to half of its block reward, will take place in April 2024 at a block height of 840,000. With this event, Bitcoin’s block reward will drop from 6.25 to 3.125.
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