Artificial intelligence technology has stormed into our lives this year, with chatbots such as ChatGPT taking center stage.

While they are commonly used to automate certain processes to assist us with some mundane tasks, it’s also curious to poke their artificial brains on exciting topics that many are interested in.

For the cryptocurrency community, the next bull cycle has been a main topic of discussion amongst many, and that’s to be expected.

After all, we’ve been in a bear market for quite a while now, and people are starting to wonder when the next positive cycle will come. That’s exactly what we wanted to talk to ChatGPT about, so let’s see what it has to say.

Before we dive into it, however, we’ve recently released a video on the number of legitimate Bitcoin billionaires, and it’s surprisingly small. Find out more about their exclusive club here:

When Bitcoin Bull Run?

We’ve done quite a bit of these already, and those who follow us probably know that ChatGPT doesn’t give right-off-the-bat predictions with flat-out deadlines and specific terms.

Instead, the AI lists important hints that could help anyone determine the potential timeline of the next bullish cycle.

Some of these considerations include:

Adoption and Use Cases
Institutional Investment
Regulation
Macro-Economic Factors
Technological Developments

These are just a few, but some of them deserve a closer look-up. For example, on the matter of institutions, ChatGPT said:

Regulatory developments can have a significant impact on the cryptocurrency market. Clarity and favorable regulations can boost confidence and encourage investment, while unfavorable or uncertain regulations can have the opposite effect.

There are currently many cases going on between the United States Securities and Exchange Commission and crypto-oriented companies such as Ripple. In fact, that lawsuit is expected to have a considerable impact on the entire industry.

In terms of technological developments, adoption, and use cases, the past year has seen Bitcoin’s network being widely used for multiple applications outside of finance – namely, Ordinals – the protocol that allowed BTC’s blockchain to be used for inscribing satoshis with images and other files, turning them into Bitcoin-native non-fungible tokens of a sort.

The Elephant in the Room

Bitcoin’s halving has historically been the most important event for defining market cycles for the entire cryptocurrency industry.

For those who are unaware, it’s an event that happens once roughly every four years, and it slashes the production of new BTC in half by reducing the reward miners get for mining a block.

This is Bitcoin’s built-in inflation-controlling mechanism, and so far, it has had a massive impact on the market dynamics.

Basic economic principles dictate that if the demand for an asset appreciates or remains the same while its supply declines, its price should go up. That’s what has happened so far.

The next Bitcoin halving is slated to take place in late Q1 or early Q2 in 2024, and the bull markets have traditionally happened a bit later than that.

It’s interesting to see if history will repeat itself once again.

The post We Asked ChatGPT When Will The Next Bitcoin Bull Run Start appeared first on CryptoPotato.

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Filed under: Bitcoin - @ October 1, 2023 8:36 am