Topic: Chat GPT do a TA about bitcoin (Read 573 times)

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If people started to think that chatgpt would be a great way for them to make money, they will end up all using it, and one thing could not make every single person richer, it just doesn't work that way, if the same answer made us all rich, who would be holding until the last moment will be the biggest loser. Think about it like pump and dump schemes, they suppose to buy all the same time, but some people buy later than others, and they say they will sell at the same time but some sell earlier than others.

If you could trust past time charts, and if everything matched up, almost everyone would be making money. But sooner or later things go wrong.  If an event is repeated 3 times, there is no guarantee that the fourth time will be exactly the same. This is why ChatGTP should not be trusted - it bases its analysis on the past.

If you could trust past time charts, and if everything matched up, almost everyone would be making money. But sooner or later things go wrong.  If an event is repeated 3 times, there is no guarantee that the fourth time will be exactly the same. This is why ChatGTP should not be trusted - it bases its analysis on the past.

Yeah, I think when something that is a bit more current and a bit more that can check the data of today comes out, which will most probably, then we are going to see something but it will be always risky. I mean it's clear that we can always use the current setup of chatgpt, instead take it and feed it all the information we should, like basically upload all of CMC and that should more than enough, and then it can check the chart of it all and then we could see it give a bit of a solution or answer to it.

But will you really trust an AI and do what it says? Hell if it is actually doing alright and making you profit, then everyone would use it and then whatever it says will be very hard, it will always change based on who enters the last.

AI technology that is developing rapidly certainly will not miss being able to present about bitcoin, what the company that developed AI for bitcoin is doing is of course the first step in further developments, it is natural that many people are afraid and ask countries to ban ChatGPT because it is a threat to many jobs.

AI technology that is developing rapidly certainly will not miss being able to present about bitcoin, what the company that developed AI for bitcoin is doing is of course the first step in further developments, it is natural that many people are afraid and ask countries to ban ChatGPT because it is a threat to many jobs.

AI should not be able to surpass human capabilities in many ways and I cannot trust AI any more than I can trust my own brain and experience in the market.

Although AI can predict prices to the best of its ability, the experience of a trader and an investor is the best practice that will support their investment plan. Especially in the long term - I stick to my own plan.

I believe AI may be useful for a trader's investment plan - but I do not completely agree that traders rely entirely on AI predictions. AI should not be able to surpass human capabilities in many ways and I cannot trust AI any more than I can trust my own brain and experience in the market.

Although AI can predict prices to the best of its ability, the experience of a trader and an investor is the best practice that will support their investment plan. Especially in the long term - I stick to my own plan.

But traders and their activies is determined by their predictions made on the basis of the calculus of probability, which again depends on the available data and general knowledge, in analysis of which AI is slowly surpassing us. Currently chatGPT is not good at making accurate price predictions. I agree with you. However, this is a linguistic model powered by human conversations, not a mathematical model powered by the price history of hundreds of thousands of assets in all possible time frames.

LOL - I'm just not going to believe a lot of what they say in price predictions. Average answers will only point to probabilities and probabilities - so you still have to adjust at your own risk and do a reasonable analysis.

Try using Chat GPT to learn how to analyze bitcoin prices instead of using them to predict prices. Predictions will never be correct because the market is only determined by traders and their activities.

As an investment that is currently popular, of course Chat GPT takes advantage of the moment to provide information about bitcoin, this will certainly make the number of new users continue to increase so that one day the price of bitcoin can reach millions of dollars, now is a great opportunity to buy and don't miss it.

Ok, I have thought that it's such a crazy thing that will require some hacks from the backend.
Yea, it can remember previous conversations but when there are inconsistent data from different sources, the result will be somewhat inaccurate.

I've copied the daily OHLC from coinmarketcap and pasted into the discussion. GPT chat has no problems remembering what user said earlier in the conversation ... or at least that's what openAI claims, in fact it wasn't that easy, because the bot got lost when combining data from several messages, it didn't inform that some of the messages were lost by character limits, etc.

To be honest chat GPT is just a bot, which uses information available all across the web and then gives a detailed summarised answer based on this. Moreover many times it has provided inaccurate answers to some prompts also. So yes regarding investment plans, then I won’t suggest any bots for this. The TA that ChatGPT has done can also be done by you and that too more accurately if you have visited few good websites. Nevertheless ChatGPT is just another bot which makes small tasks easier.

I didn't mean to try to convince you to blindly listen to the AI. I will tell you on my example. I've been 100% leaving from trading for 7 years and yet I follow on twitter few TA bitcoin "specialists" as well as some macroeconomics "specialists". Not because I don't trust myself or because I want to copy-trade them. I do this to compare my analysis with someone else's and to include in my analysis things that I may have forgotten or missed. therefore, I deliberately choose people who often have opposite views to mine, because subjective human brains are much better at looking for confirmation of their theories than counterarguments. AI in this case can replace or complement "experts".

It's interesting to see that how AI Chat GPT help you but in my mind you and everyone should avoid it because here huge kind of risk involved, as from different people review there are alot of mistake done dy Chat GPT in different aspects and still ongoing so doing Technical Analysis from AI will cost you too expensive Because it's not like a human who will be responsible for any kind of loss through his Technical Analysis .
As for better Technical Analysis you have to done it by yourself   because let suppose you lose money by your own Analysis will not hurt you much as because on the others hand it will teach you a lesson and help you to gain experience.

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Please, how were you able to provide it with current data? Please share with me. Thanks!

Out of curiosity, I asked Chat GPT for predictions on future Bitcoin prices. Of course, it immediately mentioned that it only has data up until 2021.

After providing it with the current data from the last six months, it generated the following prediction.

How does it differs from us? how does it differs from every single crypto celebritiy posting their analysis on twitter? why do you rank the human brain so high compared to AI?

To be honest chat GPT is just a bot, which uses information available all across the web and then gives a detailed summarised answer based on this. Moreover many times it has provided inaccurate answers to some prompts also.

I was curious so I also asked chatgpt what will be his technical analysis on its price within 3-5 days from now? and this was chatgpt answer.

This is kind of interesting, even if worth taking with a large pinch of salt  

Out of interest did you also provide it with human-based analysis of Bitcoin's price, such as tradingview publications, or merely the price data? As it seems to be regurgitating a lot of analysis already out there imo. Therefore it seems likely it has categorised the possible outcomes based on the amount of analysis provided on these outcomes, as opposed to "forming" it's own statistical analysis.

Also, although bullish predictions have been made short to long-term, there is notably no possibility of a bearish outcome here? Ie 100% of the outcomes are bullish which seems completely unrealistic, even if price is to continue higher. Either way, I'd be interested to hear updates from Chat GPT if you are willing to feel it the latest data in the future, in order to see how accurate these predictions are!

Thanks for sharing.

I tried before using AI tools and asked them especially related to financial matters, they always have disclaimers and didn't have clear explanations when it comes to predictions.  The most thing that I hated most is that they always said, is their data was based on 2021 and beyond.  So IMO, chatpgt is total waste of time relying on them but about TA on Bitcoin price.

Combination of both. The main way how an "AI" works right now, is that it is fed with information, and it learns what equals what. I always give the same mario example, there is a video on youtube if you search for it, it's a machine learning that plays mario and finishes it eventually. You feed it needed information, like what button is jumping, which creatures makes you die, and what is your purpose etc, so the game rules basically, and let it be, then it fails after and after again until it figures it out the rest itself.

So yes, it does think for itself in a manner, but within the box you put it in, so you give it information, and then you ask it a question and it uses the information to respond, I don't know if I made it clear or is it still confusing.

I don’t know, man. I’m so confused reading about AI because I don’t get one thing: is it actually able to logically assemble information or does it just find combinations of words and phrases that generally make sens gramatically and assemble it all as a string of text?

This is somehow interesting though because it analysis is almost related to what is currently happening in the market right now, I wonder how it fetched these recent datas that it supplied you since it's not being connected to the internet to source out this datas, however there's no special work that has done here by the ChatGPT differently or more than the way we humans has been analysing the market that I should rely on the data from ChatGPT when I can read and understand what is going on there in the chart plus the news .

So you obviously don't understand what the thread is about. The thread is about whether and how current language models are able to model bitcoin pricing based on data provided to them. This topic is definitely not about cybersecurity and the philosophy of artificial intelligence development.

Recently, I started experimenting with AI tools. They are incredible tools with tremendous potential, but also full of errors. Out of curiosity, I asked Chat GPT for predictions on future Bitcoin prices. Of course, it immediately mentioned that it only has data up until 2021. After providing it with the current data from the last six months, it generated the following prediction. What do you think of it, and what are your thoughts on the potential of AI in technical analysis?

For clarity's sake, I know that AIs are being used to trade, are they not trading robots or bots? But when it comes to such as ChatGPT, then the advancement comes, and so is the care so that it will not intrude into the financial market trading affair through hacking and other dangerous vices. This is why the developers of such AIs tread carefully, especially with the sector that deals with money so that they don't make a monster along the line.

1- using AI to make money in the market is not a violation of anything.

As AIs are being developed and advanced, cautiousness is also being adhered to so that it will not be in violation of anything.

This is quite interesting, but if I talk about data-related issues, as I do in the regular version, the market analysis data is only available until 2021. This is old information, and it is not true with the market at the moment, so the determination of the plan really does not seem to be very correct. But anyway, the AI has done a very good job at what it is capable of; it is still developing, and hopefully in the future there will be more complete and improved upgrades to help the community as well as investors in the cryptocurrency market.

I tried before using AI tools and asked them especially related to financial matters, they always have disclaimers and didn't have clear explanations when it comes to predictions.  The most thing that I hated most is that they always said, is their data was based on 2021 and beyond.  So IMO, chatpgt is total waste of time relying on them but about TA on Bitcoin price.

I don't think so, I rather believe my own TA than them.

But chatgpt predictions seem to be good.

The AI may be as that good enough to believe in what data analysis they present us but that doesn't mean they are hundred percent 100% accurate and keen for acceptance, they also work in line base on the level of the programming made on them to perform a particular task, this is one of the reasons the use of AI is not an acceptable means of postings on this forum's signature campaigns, the end result they may later generate for you may not be as adequately equal to the expected results or the real state or what the future may landed at.

I was curious so I also asked chatgpt what will be his technical analysis on its price within 3-5 days from now? and this was chatgpt answer.


Of course, to some it may be true and to others it may not, it just depends on what each individual in this forum believes. But chatgpt predictions seem to be good. But of course the value will still be based on the demand of the investors.

I was curious so I also asked chatgpt what will be his technical analysis on its price within 3-5 days from now? and this was chatgpt answer.


Of course, to some it may be true and to others it may not, it just depends on what each individual in this forum believes. But chatgpt predictions seem to be good. But of course the value will still be based on the demand of the investors.

According to my technical analysis, the price of Bitcoin is likely to remain volatile in the next 3-5 days. The price is currently trading at $29,000, and it is possible that it could reach a high of $30,000 or a low of $28,000. The price will likely be influenced by a number of factors, including the overall market sentiment, news about Bitcoin, and the performance of other cryptocurrencies.

ChatGPT does not have access to the internet. The data it is based on ends in 2021, and what comes after that is very fragmented and incomplete. So, the analysis I shared with you is not based on other online analyses of current bitcoin price change. The data the model received from me consists of daily OHLC (Open, High, Low, Close) prices starting from January 2023. The analysis seams to be based on that, price action before 2021 and old analysis that model already had.

It seems to me that these percentages do not add up to 100%, because they relate to different time intervals. The bot seems to give the most likely scenario for a given period and gives its probability. The second analysis seems better.

Thanks for the answer. Yes, I think it's an interesting topic and I'll try to update the thread with current analysis as well as improve the prompt for AI to get better answers in future.

As AIs are being developed and advanced, cautiousness is also being adhered to so that it will not be in violation of anything. Despite this, many are still complaining and some clamours for the halt of the Al projects which I think is not possible at this early stage. Besides, what you stated above could only mean that ChatGPT on its own is being limited to some features and clues about the market so that people would not be using it to chase shadows for their selfish interests, which will, in turn, violate some rules of the financial market. Nonetheless, if the AI has the information and capability to read the future price of the market, it won't still be productive, do you know why? It's because it will always rely only on the data at its disposal, but the market is too dynamic for that, it can't be rigged by any robot, and there is no central control for the financial market. Conclusively, there is no holy grail anywhere and there will never be.

Recently, I started experimenting with AI tools. They are incredible tools with tremendous potential, but also full of errors. Out of curiosity, I asked Chat GPT for predictions on future Bitcoin prices. Of course, it immediately mentioned that it only has data up until 2021. After providing it with the current data from the last six months, it generated the following prediction. What do you think of it, and what are your thoughts on the potential of AI in technical analysis?

It is fun to ask AI's since they tend to give different answer if we reconfirm our questions, like when I reconfirm the AI's answer it gives me this answer

I hope someone will be curious to experiment with real money on some trades so as to draw a more complete conclusion whether the AI's predictions are accurate enough or not. So far, AI chatbots have had many objections about the integrity of the information provided, especially talking about the future.
(....)

Of course, it immediately mentioned that it only has data up until 2021.

it's very interesting that you asked about the price of Bitcoin on ChatGPT and the answer was bullish,
from TA and history it has also been said that the price of Bitcoin has indeed started a bullish trend so we must be optimistic that ChatGPT is also correct,
let's hold Bitcoin and don't sell it at a cheap price!.

With medium and long-term predictions, it would take us decades to  acquire enough data to judge just how accurate ChatGPT is. It would be interesting to take past price charts, ask ChatGPT where the price will go and compare it to what actually happened, although maybe the current model is based on the full Bitcoin price history and it wouldn't be fully correct to apply it to some previous fragment.

It seems to me that these percentages do not add up to 100%, because they relate to different time intervals. The bot seems to give the most likely scenario for a given period and gives its probability. The second analysis seems better.

With medium and long-term predictions, it would take us decades to  acquire enough data to judge just how accurate ChatGPT is. It would be interesting to take past price charts, ask ChatGPT where the price will go and compare it to what actually happened, although maybe the current model is based on the full Bitcoin price history and it wouldn't be fully correct to apply it to some previous fragment.

1-3 months

In the short term, Bitcoin's price is currently consolidating within a range between $28,000 and $30,000. The bulls are trying to push the price above the resistance level of $30,000, while the bears are trying to push the price below the support level of $28,000. If the bulls are successful, the price could rally to $35,000. However, if the bears are successful, the price could fall to $25,000.

Probability:

The probability of Bitcoin's price rallying to $35,000 in the short term is 50%. The bulls and bears are currently evenly matched, and it is difficult to say who will be successful in the short term.

4-6 months

In the medium term, Bitcoin's price is still in a downtrend. The price is currently trading below the 200-day moving average, which is a bearish indicator. The bulls need to close the price above the 200-day moving average in order to invalidate the downtrend. If the bulls are successful, the price could rally to $40,000. However, if the bears are successful, the price could fall to $20,000.

Probability:

The probability of Bitcoin's price rallying to $40,000 in the medium term is 30%. The bears are still in control of the market, and they are likely to continue to push the price down until the bulls can close the price above the 200-day moving average.

7-9 months

In the long term, Bitcoin's price is still in an uptrend. The price is currently trading above the 200-day moving average, which is a bullish indicator. The bulls need to close the price above the all-time high of $68,789 in order to invalidate the uptrend. If the bulls are successful, the price could rally to $100,000. However, if the bears are successful, the price could fall to $10,000.

Probability:

The probability of Bitcoin's price rallying to $100,000 in the long term is 70%. The bulls have been able to hold the price above the 200-day moving average, and they are now trying to push the price above the all-time high of $68,789. If the bulls are successful, the price could rally to $100,000. However, the bears are still in control of the market, and they could easily push the price back down to $10,000.

I am not sure about my answer on what is TA of bitcoin price for 1-3 months, 4-6 and 7-9 and the percent probability for it to happen. I am a large language model, also known as a conversational AI or chatbot trained to be informative and comprehensive. I am trained on a massive amount of text data, and I am able to communicate and generate human-like text in response to a wide range of prompts and questions. For example, I can provide summaries of factual topics or create stories. However, I am not able to predict the future with 100% accuracy.

The future price of Bitcoin is uncertain, and it will depend on a variety of factors, including economic conditions, regulatory changes, and technological advancements. It is important to do your own research before making any investment decisions.

Recently, I started experimenting with AI tools. They are incredible tools with tremendous potential, but also full of errors. Out of curiosity, I asked Chat GPT for predictions on future Bitcoin prices. Of course, it immediately mentioned that it only has data up until 2021. After providing it with the current data from the last six months, it generated the following prediction. What do you think of it, and what are your thoughts on the potential of AI in technical analysis?

This is kind of interesting, even if worth taking with a large pinch of salt  

Out of interest did you also provide it with human-based analysis of Bitcoin's price, such as tradingview publications, or merely the price data? As it seems to be regurgitating a lot of analysis already out there imo. Therefore it seems likely it has categorised the possible outcomes based on the amount of analysis provided on these outcomes, as opposed to "forming" it's own statistical analysis.

Also, although bullish predictions have been made short to long-term, there is notably no possibility of a bearish outcome here? Ie 100% of the outcomes are bullish which seems completely unrealistic, even if price is to continue higher. Either way, I'd be interested to hear updates from Chat GPT if you are willing to feel it the latest data in the future, in order to see how accurate these predictions are!

Short-term Scenario (1-3 months):
Based on the recent price movements, the short-term scenario for Bitcoin is as follows:

Probability: 40%
In this scenario, Bitcoin's price may experience a consolidation phase with a slight upward bias. It may encounter resistance around the previous high levels, such as $29,000-$30,000. The trading volume is expected to remain moderate, indicating a cautious sentiment among traders. The key support level to monitor is around $26,000. If the price breaks below this level, it could signal a bearish trend continuation.

Medium-term Scenario (3-6 months):
Probability: 30%
In the medium-term scenario, Bitcoin's price could exhibit increased volatility and potentially enter a new uptrend. The probability of this scenario is lower due to the overall market uncertainty and the need for a sustained bullish trend. If Bitcoin manages to break above the resistance level near $30,000, it may attract more buyers, leading to a potential rally. The key resistance to watch for is around $35,000. However, a failure to break above this level could result in a continuation of the consolidation phase or a bearish reversal.

Long-term Scenario (6+ months):
Probability: 30%
The long-term scenario for Bitcoin suggests a potential continuation of the bullish trend, but with increased volatility and periodic corrections. Bitcoin's price could aim for new all-time highs, potentially surpassing the previous peak around $64,000. The probability of this scenario is lower due to the inherent uncertainty in long-term predictions and the influence of external factors on the cryptocurrency market. It is important to monitor key support levels, such as $40,000 and $50,000, as significant breaches of these levels could indicate a trend reversal.

Scenario 1: Short-term (next few days/weeks)
Based on the recent price movements, Bitcoin has been experiencing a downward trend. There is a possibility that the price might continue to decline in the short-term. The key support level to watch is around $26,000. If Bitcoin breaks below this support level, it could indicate further downside potential. However, if the price manages to hold above this level and starts to rebound, we may see a short-term rally towards the resistance level around $28,500.

Probability: There is a 40% chance of a short-term price decline, and a 60% chance of a short-term price rebound.

Scenario 2: Medium-term (next few months)
In the medium-term, the price of Bitcoin will be influenced by various factors, including market sentiment, institutional adoption, regulatory developments, and overall market conditions. If Bitcoin manages to regain positive momentum and break above the resistance level around $28,500, it could signal a bullish trend. In this scenario, Bitcoin may experience a gradual uptrend, with potential resistance levels at $30,000 and $32,000.

Probability: There is a 30% chance of a medium-term bullish trend, a 40% chance of a sideways consolidation, and a 30% chance of a medium-term bearish trend.

Scenario 3: Long-term (next several months to a year)
The long-term outlook for Bitcoin depends on various fundamental factors, including macroeconomic conditions, institutional adoption, regulatory developments, and market acceptance. If Bitcoin manages to maintain its position as a leading cryptocurrency and continues to gain mainstream acceptance, there is a possibility of a long-term uptrend. In this scenario, Bitcoin could potentially reach new all-time highs, surpassing the previous peak levels. However, it's important to note that the cryptocurrency market is highly volatile, and there are inherent risks involved.

Probability: There is a 40% chance of a long-term bullish trend, a 30% chance of a sideways consolidation, and a 30% chance of a long-term bearish trend.