Perplexity AI predicts Bitcoin price for year-end based on analysts’ insights 
Cryptocurrency Oct 11, 2024 Share
Finbold turned to Perplexity Online artificial intelligence (AI) to gather and consolidate up-to-date analyses for a Bitcoin (BTC) price prediction. Perplexity is a unique AI mode capable of real-time web scanning, listed among OpenAI’s most feared competitors, as Finbold reported.
Essentially, Perplexity differs from most popular AI models like ChatGPT, developed by OpenAI, that rely on previously trained data. Given its capacities, the model can collect and consolidate updated information from multiple sources, acting as a search engine.
We have already tested this ability in previous reports, in which Perplexity Online revealed the most recommended stocks, popular investment assets, and cryptocurrencies for Q4 2024. Unsurprisingly, Bitcoin was featured as one of the most popular cryptocurrencies powered by institutional adoption through approved exchange-traded funds (ETFs).
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For this requested BTC price prediction, Perplexity AI considered insights from four analysts or investment firms gathered from four sources. The sources were a LongForecast analysis, a USA Today article, a VanEck report, and a Swan Bitcoin prediction.
Perplexity AI’s Bitcoin price prediction – Used sources. Source: NanoGPT / Finbold
Perplexity AI’s bullish Bitcoin price prediction
In a bullish price prediction, Perplexity AI sees Bitcoin trading between $80,000 and $100,000 by 2024’s year-end.
Anthony Rousseau, Head of Brokerage Solutions at TradeStation, was its main source for this price range. Notably, Rousseau highlighted the Federal Reserve’s shift towards a more “accommodative monetary policy” as the main driver for this prediction.
Moreover, Perplexity considered a bullish forecast by Bernstein analysts, eyeing nearly $200,000 per BTC by the end of 2025. Bernstein believes a significant increase by the end of 2024, fueled by spot Bitcoin ETFs, is plausible in the meantime.
VanEck’s mid-year review shares a similar opinion to both analyses, mentioning the all-time high in March as evidence of demand.
Perplexity AI’s Bitcoin price prediction – Bullish scenario. Source: NanoGPT / Finbold
Perplexity Online bearish scenario for BTC in 2024
Conversely, LongForecast and VanEck‘s review also present a more conservative or bearish scenario for Bitcoin this year. The former targets a 13.2% increase up to $72,499 by December 2024, while the latter considers the seven-month downtrend since March.
In this scenario, Perplexity AI predicts Bitcoin will trade between $65,000 and $70,000, still above the current prices.
Perplexity AI’s Bitcoin price prediction – Bearish scenario. Source: NanoGPT / Finbold
Bitcoin (BTC) price analysis
As of this writing, Bitcoin was trading at $61,150 after another failed attempt to break from the seven-month downtrend. However, the price remains above the 50-week exponential moving average (1W 50-EMA) at $55,614, making considerable price support.
BTC could test this support in the following days, either moving to re-test the downtrend resistance or failing to hold and dropping further, as some analysts believe will happen.
Bitcoin (BTC) price analysis weekly chart. Source: TradingView / Finbold
Finbold reported plenty of these short-term bearish analyses from Alan Santana, Credible Crypto, and RLinda in the past few days. In particular, their Bitcoin price predictions float between $49,000 and $55,000 before a bounce back to new highs.
While these different scenarios play out, Perplexity AI can be a valuable tool for accessing real-time insights. Investors and traders must remember that Bitcoin is a volatile asset that challenges market participants’ emotions moving up and down.
