Cryptocurrency
ChatGPT Gives 2024 Solana Price Outlook as SOL Pumps Another 10%, Is Also Bullish on Bitcoin Minetrix
Solana (SOL) is continuing its impressive growth trajectory, rising 10% over the past 24 hours.
Given SOL’s bullish momentum, AI model ChatGPT has chimed in with a price prediction for 2024 that takes into account both fundamental and technical factors.
ChatGPT has also highlighted a new presale project, Bitcoin Minetrix (BTCMTX), as an altcoin worth keeping an eye on due to its high upside potential.
Solana Surges 10% as 2024 Kicks Off Strong
SOL has started the year strong, with the token’s price pushing above $114 in the past day.
This latest move brings SOL back to the same level it was on December 26, just before the token’s price pulled back.
The timing of Solana’s latest surge, coming right at the start of 2024, could signal traders and investors are feeling optimistic about the crypto market’s prospects in the new year.
After an exciting end to 2023, there is a sense that fortunes could continue improving this year as mainstream adoption ramps up.
Speculation is also growing that Solana’s fast and low-cost blockchain may begin to gain market share from Ethereum (ETH) within the Web3 space.
Whether Solana’s current momentum can be sustained remains to be seen, but the bullish price action out the gate in 2024 is undoubtedly a positive sign.
This bullish price action has even led to SOL hitting a $49.1 billion market cap, making it the fifth largest cryptocurrency globally, flipping Binance Coin (BNB).
ChatGPT Predicts $150-$200 SOL in 2024 as Bullish Momentum Builds
ChatGPT believes Solana could see impressive growth in 2024 based on several key factors.
According to the AI model’s analysis, Solana has a solid technological foundation, a rapidly growing ecosystem, and bullish momentum that could fuel SOL to new highs over the next year.
Specifically, ChatGPT predicts that if conditions remain favorable, Solana could reach between $150 and $200 per token sometime in 2024.
This would represent a substantial increase from current prices, given that SOL is currently hovering around $114.
Driving this potential growth is Solana’s leadership in areas like decentralized finance and NFTs.
Demand for the underlying SOL token will likely rise as more developers build dApps on Solana to tap into faster and cheaper transactions.
Major milestones or upgrades to Solana’s blockchain could also act as catalysts for price spikes.
Ultimately, ChatGPT remains bullish on Solana’s price prospects, which will be great news to SOL holders hoping for further growth in 2024.
Bitcoin Minetrix Seeks to Democratize BTC Mining & ChatGPT Predicts 5-10x Growth This Year
Beyond Solana, ChatGPT also has a positive outlook on an emerging project called Bitcoin Minetrix (BTCMTX) that aims to make Bitcoin mining more accessible.
Through its unique “Stake-to-Mine” model, Bitcoin Minetrix allows anyone to earn mining rewards and BTC income without expensive hardware.
Users simply stake BTCMTX tokens to receive mining credits, which provide cloud mining power to mine BTC.
This effectively democratizes Bitcoin mining to everyday investors.
Additionally, BTCMTX staking offers investors an estimated APY of 89% – providing yet another potential income stream.
ChatGPT believes that if Bitcoin Minetrix’s team can leverage these compelling features, the BTCMTX token will have substantial growth potential in 2024.
Specifically, the AI model predicts that in a bullish scenario, BTCMTX could reach $0.05 to $0.10 at some point this year – a massive rise from its current presale price of $0.0126.
This 5-10x price estimate reflects ChatGPT’s optimism that Bitcoin Minetrix’s eco-friendly mining concept could thrive over the next year.
With the presale already raising over $7.2 million and more than 10,500 people in the project’s Telegram community, Bitcoin Minetrix’s traction is growing – setting the stage for an exciting 12 months ahead.
Visit Bitcoin Minetrix Presale
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Cryptocurrency
Binance Founder CZ’s First Words After Receiving 4-Month Prison Sentence
Binance founder and former CEO – Changpeng Zhao a.k.a CZ – received a four-month prison sentence after pleading guilty to violating US anti-money laundering laws at the world’s largest cryptocurrency exchange.
In the first tweet following the sentencing, CZ revealed his intention to remain a passive investor and holder in the crypto industry while simultaneously highlighting the importance of compliance in the industry.
CZ Reacts
In his final tweet before beginning his four-month prison sentence, CZ expressed gratitude to his supporters, acknowledging the letters, messages, and various forms of encouragement he received.
He even went on to emphasize the importance of their support in keeping him resilient during this period.
“I will do my time, conclude this phase, and focus on the next chapter of my life (education). I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important. A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU. Protect users!”
CZ resigned as Binance’s chief executive officer last November after admitting that he and the exchange he founded in 2017 had failed to comply with anti-money laundering regulations outlined in the Bank Secrecy Act.
The Sentencing
Once regarded as one of the most influential figures in the industry, CZ became the second prominent crypto leader after FTX’s Sam Bankman-Fried (SBF) to face imprisonment.
The sentence was significantly lower than the three years sought by prosecutors and marked the first instance of a CEO being imprisoned for violating the Bank Secrecy Act, a charge frequently used in recent crypto prosecutions.
Prior to his sentencing, CZ expressed his remorse to US District Judge Richard Jones, acknowledging his failure to implement an effective anti-money laundering program. He stated,
“I believe the first step of taking responsibility is to fully recognize the mistakes. Here I failed to implement an adequate anti-money laundering program. I realize now the seriousness of that mistake.”
CZ chose to surrender voluntarily to serve his sentence, which will likely be at a detention center near Seattle-Tacoma International Airport. Additionally, Binance agreed to a $4.32 billion penalty, while CZ paid a $50 million criminal fine and an additional $50 million to the US Commodity Futures Trading Commission (CFTC).
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Cryptocurrency
Bitcoin Price Recovers After Fed Announces No Rate Hike At FOMC
The Federal Reserve decided to maintain its benchmark interest rate of 5.25%% to 5.5% at the highly anticipated Federal Open Market Committee Meeting (FOMC) on Wednesday, following a fearsome 6% drawdown in Bitcoin’s price earlier that day.
Within five minutes of the announcement, Bitcoin’s price rose from $57,300 to $57,700
- Per a press release, the central bank said it also plans to slow down the rate at which it sells US Treasury securities starting in June, reducing its monthly redemption cap from $60 billion to $25 billion.
- Market participants overwhelmingly expected the Fed to maintain its interest rate at 5.25% heading into the meeting, expecting cuts to potentially take off in Q4.
- However, words from the central bank confirmed market fears that the central bank may have to keep rates higher for longer to quell nationwide price inflation, which remains stubbornly above 3%.
- “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the Fed wrote.
- The economy also remains surprisingly resilient: data compiled by Bloomberg Intelligence suggests that 81% of S&P 500 companies that have filed their Q1 earnings have beaten their first-quarter expectations.
- Bitcoin’s price is known to be influenced by central bank policy and macroeconomic liquidity conditions.
Some analysts like BitMEX co-founder Arthur Hayes believe BTC will continue to surge past $100,000 as central bank balance sheets continue to expand.
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Cryptocurrency
Polkadot Price Analysis: DOT Tumbles 7% Weekly but the Bulls May Be Staging a Comeback
Polkadot’s price has been dropping rapidly over the last couple of months and is yet to show any sign of slowing down. However, the cryptocurrency might soon begin a bullish rebound.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, the price has been on an aggressive decline since a rejection from the $12 resistance level. The market has also broken below the bullish trendline that has been formed since October 2023.
The 200-day moving average, located around the $7 mark has also been broken down, with the price seemingly targeting the $4 support zone.
With the Relative Strength Index also showing values below 50%, the momentum is in favor of a further bearish continuation.
The 4-Hour Chart
The 4-hour chart paints a much more clear picture of the recent price action. The market is seemingly forming an ascending channel pattern at the moment.
These formations are normally considered bearish continuation patterns inside a larger downtrend.
Therefore, if the channel breaks down, the market would be more likely to crash toward the $4 support zone. On the other hand, a breakout above the channel can completely overturn the scenario, and the market could begin a bullish trend.
Therefore, the short-term fate of the market relies heavily on whether the channel is broken to the upside or downside.
Sentiment Analysis
By TradingRage
Polkadot Liquidation Heatmap
While the technical analysis of the DOT price chart suggests that we are in a clear bearish trend, the futures market data hints at a potential rebound in the short term.
This chart demonstrates the Binance DOT/USDT pair’s liquidation heatmap. It is evident that tons of liquidity were located below the $6.5 level, which the price has recently dropped below. Therefore, it could be interpreted that the demand has absorbed this supply as the market is not dropping lower anymore.
Currently, a potential liquidity pool for the price to target is located above the $7 level. As a result, the price could at least experience a short-term pullback toward this level.
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