While many investors were worried about MicroStrategy’s (NASDAQ: MSTR) decision to tie itself to Bitcoin (BTC) during the crypto winter of 2022, the company has been doing exceptionally well throughout 2023. This trend, which has seen its shares rise by 241.59% on the stock market since January, was largely driven by a broader cryptocurrency resurgence throughout the year.
In its quest to find answers, Finbold decided to consult ChatGPT – the poster child of OpenAI’s artificial intelligence (AI) technology.
Given MicroStrategy’s unique circumstances, ChatGPT first set out to assess Bitcoin’s situation and prospects. Given the common volatility of the crypto market, the AI estimated three wildly different possible scenarios for Bitcoin for the start of 2024.
ChatGPT considers that it is possible that Bitcoin will continue its current trend and stay in the general range between $34,000 and $38,000 until New Year’s Day. The platform also explained that there is a real possibility the world’s foremost cryptocurrency will break out and find itself in the range between $48,600 and $59,800 on January 1.
Finally, ChatGPT warned that despite the current bullish trend, there is always the danger of a calamity that could cause a reversal. Such a reversal could, according to the AI, land BTC somewhere between $18,700 and $26,200.
Having assessed Bitcoin’s prospects due to MicroStrategy’s close correlation with the cryptocurrency, ChatGPT also offered several linked price ranges for MSTR. According to the AI, Should BTC find itself in the bullish scenario, the shares of Michael Saylor’s company might be somewhere between $694 and $792 – a 40-60% increase compared to the price at the time of writing.
Similarly, ChatGPT foresees that MSTR might rise as high as $594 or $644, even if Bitcoin’s rise up until January is more modest. Finally, since MicroStrategy is closely correlated with BTC, the AI estimates that any calamity for the cryptocurrency leading to it adhering to the bearish scenario could take Michael Saylor’s company down to between $247 and $347 – a drop of up to 50%.
While it is impossible to say for certain what the future might hold, it is evident that MSTR has had a very strong year so far. At the latest close, its shares stood at $495.38, and were slightly rising by about 1.54% in the extended hours.
Zooming out, MSTR’s performance in the last month was rather impressive, as the stock gained 17.89%. It has also grown from about $145 on January 1, 2024 to around $500 in November.
