Call to ask about Kung Fu! Is there still hope for BTC to reach 100,000 by the end of the year? Let's hear what ChatGPT has to say.

BTC October Trend

As of the end of October, the BTC ($BTC) market broke through the $71,000 mark this morning, ending weeks of Sideways oscillation. Investors' predictions for "Uptober" seem to have come true.

Analysts generally believe that as the U.S. presidential election in November approaches, Bitcoin is expected to break through its historical high before the end of the year. The previous prediction of Bitcoin reaching $100,000 by the end of the year has once again been put on the agenda by investors.

Will BTC at the end of the year successfully break through the $100,000 mark? Traders and analysts in the market have different opinions. Therefore, we decided to seek help directly from artificial intelligence (AI).

This time, the subject we inquired about is ChatGPT-4o, and the questions are as follows:

"You are an expert in the BTC and encryption asset field. Recently, BTC has surpassed $71,000. Please consider factors such as Technical Analysis, macro environment, project development, community support, etc., to evaluate the possibility of the end-of-year price of BTC ($BTC) in 2024, and provide an explanation for your prediction."

AI Optimistic about Year-End: Strong Institutional Demand is Key

First of all, the potential explosiveness of BTC price comes from strong institutional demand. In October, the influx of funds into BTC ETF reached as high as 3.07 billion USD, with TradFi giant BlackRock's IBIT ETF leading the way, showing continuous net inflows for 10 days, indicating that both institutions and retail investors are actively increasing their holdings of BTC.

An increase in unclosed contract positions: market positioning is optimistic

In addition to the demand in the Spot market, the BTC derivatives market also performed well.

According to the latest data from Deribit, the number of open BTC contracts is rising. Looking at the option prices, the probability of BTC reaching $100,000 by the end of December is about 9.58%. This reflects a shift in market sentiment from volatility to cautious bullishness.

Geopolitical Tensions: 'Safe Haven Assets' Effect Boost

In terms of geopolitics, the tension between Israel and Iran has escalated again, and the airstrike has sparked market follow, with the potential for the changing situation to once again demonstrate the 'safe haven asset' properties of Bitcoin.

In history, Bitcoin often rises during wars due to the uncertainty brought about by the tense situation. Investors will transfer funds from traditional markets to decentralized assets like BTC during this period to mitigate the impact of political risks.

US Presidential Election: Policy Direction Causes Market Volatility

In addition, the upcoming US presidential election on November 5 is also seen as a potential catalyst for the BTC market.

Experts point out that if former US President Trump, who adopts a friendly attitude towards cryptocurrency, is re-elected, it may lead to a wave of cryptocurrency-friendly policies, and the relaxation of digital asset regulation may stimulate investor confidence.

However, at present, Trump's polls are almost tied with his competitor, He Jinli. It is still uncertain who will win in the end. Experts believe that there will be drastic market fluctuations during the election period, and BTC may also face higher Fluctuation risks in the short term.

BTC Outlook at the end of the year: Can it successfully break through $100,000

Finally, ChatGPT predicts that the year-end target price for BTC will be around $78,900, and may reach $80,000 to $100,000 in an optimistic scenario.

Analysts generally believe that considering the strong fundamental demand for Bitcoin (BTC), if there is no major policy Unfavourable Information, BTC still has a good chance of breaking through before the end of the year.

However, investors still need to remain cautious, although ChatGPT believes that BTC's year-end upward potential cannot be ignored, whether it ultimately reaches the target will still depend on whether the market can successfully overcome obstacles such as regulation, policy changes, and geopolitical risks.

For investors, in the face of Fluctuation, they need more patience and strategic layout, whether it's institutional demand, ETF fund inflows, geopolitical tensions, or the upcoming U.S. election, various factors may bring uncertainty to the year-end BTC price.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.