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Prominent AI chatbots Google Bard and ChatGPT predict Dogecoin price if Bitcoin claims the $500,000 price forecast from Bloomberg.
In December 2023, Bitcoin crossed $42,000, marking the start of the ongoing bull run. Following this, Bloomberg made a bold price prediction, suggesting that the industry firstborn could surge to $500,000.
Bloomberg’s Bitcoin to $500,000 Price Prediction
Notably, the $500,000 prediction would represent an impressive 1,090% increase from the $42,000 level at the time. Today, with Bitcoin trading at $96,000, the premier crypto asset only needs to rally 420% to achieve Bloomberg’s ambitious target.
Interestingly, Bitcoin’s projected ascent could ripple through the crypto market, especially among altcoins like Dogecoin. Historically, Dogecoin has shown a strong tendency to follow Bitcoin’s price movements.
Data from IntoTheBlock reveals a 97% price correlation between Dogecoin and Bitcoin over the past month, making it likely that a Bitcoin rally to $500,000 could trigger a massive surge in Dogecoin’s price.
This has raised the question: how high could Dogecoin’s price go if Bitcoin reaches $500,000? To explore this, we sought opinions from two of the most prominent AI chatbots Google Gemini and ChatGPT.
ChatGPT Predicts Dogecoin Price if Bitcoin Hits $500,000
OpenAI’s ChatGPT outlined three potential scenarios based on Dogecoin’s correlation with Bitcoin and its greater volatility.
The first scenario considers a case where Dogecoin matches Bitcoin’s 420% rally. Notably, if Dogecoin rises in direct proportion to Bitcoin’s projected 420% increase, its price could surge from $0.32 to $1.66, a new all-time high.
Further, the AI chatbot considered a scenario where Dogecoin outperforms Bitcoin due to Dogecoin’s reputation for greater price movements. If Dogecoin rallies 1.5 times Bitcoin’s percentage increase, its price could climb to $2.34.
However, in a less optimistic scenario, ChatGPT projected that Dogecoin could perform less than Bitcoin. In such a scenario, it predicted a Dogecoin rally of only 0.8 times Bitcoin’s increase, which could take its price to $1.39, still a new ATH.
Google Gemini Predicts Dogecoin Price if Bitcoin Hits $500,000
Meanwhile, Google Gemini (formerly Google Bard) is more bullish. It considered Dogecoin’s historical tendency to exhibit extreme volatility during bull runs. The chatbot explored three volatility scenarios, suggesting that Dogecoin could outperform Bitcoin’s rally.
In a moderate volatility scenario, with Dogecoin’s rally doubling Bitcoin’s percentage gain, Gemini expects Dogecoin price to rise to $3.01.
Further, the AI chatbot predicts a high volatility scenario, where Dogecoin could surge by up to three times Bitcoin’s percentage increase. In this scenario, Google Gemini predicts that Dogecoin’s value could reach $4.36.
Meanwhile, in the most aggressive scenario, Gemini projects that Dogecoin could rise five times Bitcoin’s percentage surge, reaching an ambitious target of $7.05.