AI Chatbots adapt Bitcoin price target for end of 2024 as crypto starts year strong

Even though several analysts agree with renowned stock picker Cathie Wood’s conclusion that a possible Bitcoin ETF approval won’t really spark an early rally, they are already adjusting their long-term price targets after the biggest cryptocurrency, the year started off with a bang.

AI chatbots also contributed, and Google’s Bard in particular seems very bullish to us at the moment.

Sell the news

On the first day of the year we told you that Cathie Wood, the renowned analyst and investor who decides what goes into the Ark Invest fund, had said that an ETF endorsement would likely lead to a ‘sell the news’ moment.

In my view, people tend to overestimate the initial impact of U.S. Bitcoin ETFs. I think maybe a few $100mm flows (mostly recycled) money.

Long term, people tend to underestimate the impact of spot Bitcoin ETFs. If history is any guide, gold is worth studying as a parallel. https://t.co/6vvkA9aC09

— Gabor Gurbacs (@gaborgurbacs) December 31, 2023

Several other well-known Wall Street analysts have since backed that view.

Bard

AI chatbots have become somewhat common, and so several media outlets immediately asked whether Bitcoin’s banging start in 2024 would trigger a new all-time high.

The world’s largest digital currency already rose to $45,817 on Tuesday, bringing its gains since October to a good 70%.

Bard, Google’s chatbot, therefore thinks that we can expect a price of $120,000 in the foreseeable future.

“Several analysts have predicted that Bitcoin could reach a price of $120,000 in 2024. These predictions are based on various factors, including the Bitcoin halving, growing adoption, regulatory clarity, and the potential for a spot Bitcoin ETF [exchange-traded fund] approval.”