The November U.S. elections have undeniably awoken Bitcoin from something of a summertime slumber as the world’s premier cryptocurrency recorded several sequential rallies to new all-time highs (ATH) – first to $99,000, then $104,000, and finally above $107,000.
The most recent rally – the one that led to BTC press time price of $107,146 – even countered the ‘Sunday pump-Monday dump’ narrative that has been forming as MicroStrategy (NASDAQ: MSTR) increased its buying activity.
In total, Bitcoin is 151% in the green in the last 12 months, and has rallied 17.77% in the last 30 days.
BTC 12-month price chart. Source:Coindatacap
Despite the strong performance, new highs always bring the danger of subsequent stagnation and corrections, and though many expect even higher highs by the year’s end, Coindatacap elected to consult X’s GrokAI on what could be expected of BTC on December 31, 2024.
Grok sets BTC price target for the year’s end
Grok was quick to assess Bitcoin’s overall position as favorable, noting high volume, strong upward momentum, non-trivial volatility, and the established fact of the cryptocurrency’s limited supply.
Grok assesses Bitcoin’s situation in mid-December. Source: Coindatacap & GrokAI
Using these facts – as well as technical factors such as rising short and long-term moving averages (MA) and BTC’s ability to break through previous resistances – the artificial intelligence (AI) model estimated $112,000 is a plausible goal for December 31.
Grok sets BTC price target for December 31, 2024. Source: Coindatacap & GrokAI
When asked why it opted for a relatively conservative target, Grok explained that the ecstatic momentum generated by breaking the psychological $100,000 level may be nearing exhaustion. At the same time, the exceptionally high prices could increase profit-taking among investors.
Ultimately, the AI stated it considers a continued upside – though somewhat lesser than observed in recent trading – a highly reasonable prediction for the remainder of 2024.
Grok justifies its year’s end Bitcoin price target. Source: Coindatacap & GrokA
112,000 BTC by the New Year and $250,000 Bitcoin after?
While it would not be strange for Grok’s forecast to prove true – Bitcoin has managed multiple new highs, but with periods of consolidation and sideways trading between – in the last two weeks of 2024, it is noteworthy that the general expectation is that 2025 will bring an exceptionally strong bull market.
One of the most frequently shared price targets – it was shared by legendary Wall Street analysts like Tom Lee and long-standing BTC bulls like Robert Kiyosaki alike – stands at $250,000, indicating a high degree of confidence the coins rally will be akin to what was observed in 2024.
Still, some have gone even higher and one prominent cryptocurrency lobbyist – Perianne Boring – estimated that Donald Trump’s promised crypto-friendly administration, paired with Bitcoin’s own merits, would lead to a rally to at least $800,000 before the end of 2025
What is GrokAI ?
GrokAI is an AI chatbot developed by xAI, a company founded by Elon Musk. It’s designed to be more conversational and engaging than traditional chatbots, aiming to provide a more human-like interaction.
Some of the key features of GrokAI include:
- Conversational abilities: GrokAI is designed to understand and respond to natural language, making it easier to have a conversation with the AI.
- Rebellious streak: Unlike other chatbots that may avoid controversial topics, GrokAI is designed to be more open to discussing a wider range of subjects.
- Integration with X: GrokAI is integrated with the X platform, allowing users to interact with the AI directly within the app.
While still under development, GrokAI has the potential to be a significant player in the AI chatbot space.
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