OpenAI o1 predicts Bitcoin price for the 2024 ‘Uptober’
The post OpenAI o1 predicts Bitcoin price for the 2024 ‘Uptober’ appeared on BitcoinEthereumNews.com.
Since 2013, Bitcoin (BTC) has experienced positive returns in October for nine out of eleven years, rendering the “Uptober” moniker. As September ends, Finbold turned to OpenAI’s artificial intelligence (AI) model, o1, for a price prediction based on historical results. The o1 AI – deemed one of the world’s most advanced models – calculated a potential price for Bitcoin in 2024’s “Uptober.” For that, OpenAI’s o1 used the average and median monthly historical results from October’s opening to closing prices. As a result, o1 predicts BTC will trade between $80,800 and $83,900 by the end of the month. This forecast considers an opening price of $65,717, as we prompted the exchange rate at the time of writing. OpenAI o1’s Price Projection for October 2024. Source: NanoGPT / Finbold Bitcoin’s Uptober historical results Interestingly, while October has historically positive returns, September is dominated by negative returns, also known as the “September Effect.” The market has then seen “Uptober” as a month of investing opportunities with notable results for the leading cryptocurrency. Notably, the only two negative years registered moderate losses of 3.83% and 12.95% in 2018 and 2014, respectively. Meanwhile, 2013, 2017, 2021, and 2023 had massive gains of 60.79%, 47.81%, 39.93%, and 28.52%, respectively. This year, 2024, Bitcoin had its fourth halving, an important event for BTC investors, traders, and miners, changing its economics. Previous halving years were 2020, 2016, and 2012, registering “Uptober” gains of 27.7% and 14.71%. On average, October has returned 22.90% to traders who bought on the first day and sold on the last. The median results are even higher, nearing 28% gains, according to data Finbold retrieved from CoinGlass on September 29. Bitcoin Monthly returns (%). Source: CoinGlass / Finbold Bitcoin (BTC) price analysis Bitcoin price is on the rise, already up from when we…
Filed under: News - @ September 29, 2024 2:01 pm