The 2024 United States Bitcoin (BTC) Conference, scheduled for July 25 to July 27, is garnering attention for its potential impact on the broader crypto sector.
This year’s event is particularly notable following the approval of the first Bitcoin exchange-traded funds (ETFs) in the US. Another highly anticipated segment is the address by presidential candidate Donald Trump.
In anticipation of the event, Finbold consulted OpenAI’s latest AI tool, ChatGPT-4o, to forecast possible scenarios for Bitcoin’s price trajectory post-conference.
BTC’s reaction to the Bitcoin Conference
According to ChatGPT-4o, if the conference generates overwhelmingly positive sentiment, particularly with bullish endorsements from influential figures like Trump, Bitcoin could experience a notable surge. Factors contributing to this scenario include high-profile endorsements boosting investor confidence, positive market sentiment driven by optimistic future outlooks, and increased institutional interest following favorable discussions. Under these conditions, the tool predicts that Bitcoin’s price could rise to between $60,000 and $65,000.
Conversely, if the conference unfolds without any groundbreaking announcements or market-moving statements, Bitcoin’s price might remain relatively stable. In this neutral outcome, Bitcoin would likely fluctuate within a typical trading range, reflecting the broader market’s equilibrium state. This stability would result from a lack of significant news maintaining the status quo, continued market operations without major disruptions, and investors adopting a wait-and-see approach. In this scenario, ChatGPT-4o predicts that Bitcoin could trade between $56,000 and $59,000.
However, if the event triggers negative sentiment, potentially due to regulatory concerns or critical statements from key figures, Bitcoin’s price could experience a downturn. This would be due to factors such as regulatory warnings or uncertainties dampening market enthusiasm, critical perspectives from influential speakers causing investor caution, and heightened market volatility in response to negative news. Under these circumstances, Bitcoin’s price could fall between $50,000 and $55,000.
Impact of Trump
Trump’s involvement in the conference is generally viewed as a bullish signal for Bitcoin. Notably, Trump has increasingly supported Bitcoin and cryptocurrency, backing pro-crypto policies. His upcoming speech will likely further bolster his image as a crypto advocate.
Meanwhile, Bitcoin continues to consolidate below the $60,000 mark. At the time of reporting, Bitcoin was trading at $58,223, having rallied by almost 2% in the last 24 hours.
