ChatGPT, the LLM AI Chatbot from OpenAI, has an interesting take on Dogecoin and has projected a significant price increase. It suggests the token could reach the $9 mark within a year following the 2024 BTC halving.
This prediction reflects a potential 11,078% surge from its current value of around $0.9957. The ambitious forecast draws on historical data related to DOGE’s price performance in response to previous Bitcoin halvings, indicating the possibility of a similar trajectory post-2024.
DOGE’s Historical Performance Following BTC Halvings
Historical data from TradingView shows a pattern in DOGE’s price movements in response to previous BTC halvings. For instance, approximately 234 days after the 2016 Bitcoin halving, the memecoin demonstrated a notable bullish sentiment.
This upward momentum led to a breakout from the bearish trendline that had persisted from January 2014 to March 2017. From this point, it took an additional 306 days for the token to reach its 2018 peak of $0.01877, surging 9,221.40% from its March 2017 low of $0.00020.
Something similar happened after the April 2020 Bitcoin halving. The memecoin developed a solid bullish sentiment 214 days after the halving and broke the bearish trendline in place from January 2018 to December 2020.
Advertisement
It then took the crypto 212 more days to hit its all-time high of $0.73905 in May 2021, a rise of 30,693.75% from a bottom of $0.00240 in November 2020. This showcases possible huge returns in the aftermath of Bitcoin halvings.
Projected Path to $9: Will DOGE Follow the Same Pattern?
Based on these patterns, ChatGPT has forecasted that DOGE may follow a similar path following the April 2024 Bitcoin halving. Assuming the historical patterns hold, the token could see a strong bullish sentiment develop approximately 200 to 250 days post-halving. Moreover, a peak could occur around 200 to 300 days following this positive sentiment.
Using historical surges as a benchmark, ChatGPT conservatively estimates the memecoin’s potential price increase to 9,000% and 30,000% from the low price around the halving time. If the current low is approximately $0.9957, this estimate suggests the token could reach a price range between $9 and $30 within a year post-halving, assuming similar market conditions prevail.
DOGE Price Action
The recent price activity of the memecoin has been marked by volatility. Over the past week, dog coin experienced significant price fluctuations, with bullish momentum at the beginning of the week being countered by bearish sentiment towards the end.
As a result, the token has struggled to maintain its position above the critical support level of around $0.104. As of press time, DOGE trades at $0.9957, reflecting a 4.18% decline compared to the previous day’s value. For insights into potential future movements, check out the Dogecoin prediction.
Advertisement
Its market capitalization has similarly contracted to $14.510 billion, positioning DOGE as the 8th largest cryptocurrency by market cap. Despite the downward price movement, DOGE’s trading volume has increased by 40.84%, reaching $745,094,790, indicating continued market interest in the token.
Also Read: Missed $DOGS? Check Out These 3 Telegram Airdrop Projects!
