ChatGPT is an AI-powered trading strategy tool that can help traders navigate complex and ever-changing market conditions. Recently, it has gained significant attention due to the capabilities it offers and its versatility. It can extract insights from financial news articles, social media posts, and other unstructured data sources. It can also be used to perform sentiment analysis, code technical indicators, and model trading bots.
Brian Quinlivan, the Director of Marketing at Santiment, has been involved in BTC trading for a few years. He has an MBA degree in finance from Chapman University and possesses many years of experience in marketing, financial, and data analytics.
At press time, Bitcoin was trading at $28,236, oscillating between the $28,100 and $30,950 price levels over the last seven days. Investors are hoping that the token will recover and again hit the $30k-price mark. However, Negative Directional Indicator (orange) of 26.83, Positive Directional Indicator (blue) of 16.12, Average Directional Index (magenta) indicating entering a bearish market for BTC, and Relative Strength Index (RSI) and Money Flow Index (MFI) which are positioned well below their respective 50-neutral spots, has caused disruption in positive sentiment.
ChatGPT predicted that BTC’s price can be expected to continue rising and break new all-time highs between the years 2023 and 2024 with increased adoption (by companies and institutions) and greater appeal as a hedge against inflation. With favorable macro conditions, the leading coin may reach new heights and reclaim the $30,000 psychological price mark.
Overall, ChatGPT is an effective tool that can help traders and investors make better trading strategies. It can be assessed in combination with other datasets and models to formulate improved trading strategies. Furthermore, the AI tool can be used to gain from sentiment and technical analysis. Finally, BTC holders should be wary and observant of the present market volatility to make sure their portfolio remains green.
