Chat GPT do a TA about bitcoin

[bettercrypto]

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.

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.

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.

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[rby]

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.

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.

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.

There is nothing good about the prediction given you by chatGPT about bitcoin in 3-5 days. Infact there is no speculation at all, nothing concrete. It is just an assumption that anyone, including a layman can make.

Imagine that the price is @ $29k and bit told you that it is likely it will reach as high as $30k or as low as $28k with 3 to 5 days. The bot technically took both sides of the coin, so there was no special prediction there.

[el kaka22]

This is as crazy as it gets and shouldn't be used. AI would give you just the data it is provided and nothing more, it doesn't "think" for itself, it is fed with data and then shares that with you when you talk to it. There are a million trading bots that have this, they could be considered "AI" in the same sense as well and I have used plenty of them, they check the situation and they end up investing or trading based on the data they are fed in the end. That doesn't guarantee any sort of profit and you shouldn't be expecting that neither.

I get that it will be an important deal and we will probably see something not changing all that much, but if we could just accept this and move on for a little while then AI will be getting better in the future and we can rethink again.

[_BlackStar]

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.

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.

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.

In fact the price of bitcoin has not traded at $29k in the last 24 hours where the highest price reached was $28.4k, so the data and predictions are completely unreliable. Obviously one should never rely on AI to perform technical analysis of bitcoin prices, they can never be better than your own experience and knowledge - trust me.

[DiMarxist]

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?

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.

The cryptocurrency market experienced an unprecedented surge in both the number and value of assets during the past few years, peaking in November 2021 before plummeting in the spring of 2022. In the cryptocurrency space, AI is being utilized for tasks such as price prediction, fraud detection, and market analysis. Every chat member is vetted to avoid trolls, noise, and unnecessary chatter. TradingView, for example, is one of the most popular resources for traders wishing to conduct technical analyses.

[robattfield]

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.

[sheenshane]

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.

But chatgpt predictions seem to be good.

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

[Tytanowy Janusz]

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.

But chatgpt predictions seem to be good.

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

As I already said. The chat gpt data ends in 2021, but i loaded it with fresh OHLC data from the last 6 months of bitcoin trading. So chatGPT had trading data up to 2021 and from Jan 2023 up to today. So he knew where the previous ATH was, where the last bitcoin bottom was and price action of last 6 months.

[EarnOnVictor]

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.

You might want to read my above quote once again, maybe if read with more understanding might tell you something, and that you are out of the line. I've noticed one thing about you guys, you either take the word out of context or you don't seem to understand what you are replying to.

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.

Are you clear?

[Tytanowy Janusz]

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.

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.

In addition, trading algorithms are mostly based on simple mathematical operations (for example if BTC/USDT * ETH/BTC > ETH/USDT than buy ETH with USDT, Sell to ETH to BTC and SELL BTC back to USDT with tiny profit) and have nothing to do with artificial intelligence or machine learning which are a definite minority.

"Are you clear?"

[EarnOnVictor]

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.

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.

Really??? As simple as your English is? Common!!! Below is your quote that I replied initially to:

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?

And from the quote, only how we see the response to your ChatGPT query and our thoughts about AI in relation to TA are the only two questions that could be drawn from it. Now, going back to my first post, you would realize that I said, "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." That is the response to the first question in case you didn't read it insightfully.
 
While my general thought on AI, which is the second question on this subject matter is the rest of the body. This encompasses what present AI could do and how cautious developers have to be to avoid creating monsters in the market, which is where the violation you replied to first came in. It's part of my thought, it's an open expression since you asked for our thought.

And in case you didn't know, if AI works perfectly, it will be a matter of time before everybody knows how, and be getting rich. What do you think would happen to the market?

My dear, the bottom line is that AIs will try based on the information they have just as I iterated earlier, but still, they will fail or have very low accuracy. While developers will continue to be careful so that they don't still violate rules in coding them.

Are you clear again?

[Franctoshi]

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 .

[Onset]

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?

Asking because it seems so weird reading AI TA. Like are we reading some text that made an actual logical sense to AI or what is this? Am I the only one who doesn’t understand? I kinda look at it at some kind of more advanced text spinner, but nothing else..

[Tytanowy Janusz]

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 .

It has recent price data because i loaded it with OHLC values of last 6 months of trading by myself.

Why should anyone care about ChatGPT preditions if there are more than enough analysis created by human? Well i think that correct answer to this is an approach devoid of emotion, conviction and interest in persuading you to buy/sell. The analysis is being created on demand and you can at any time ask an additional factor to be included in the analysis (e.g. RSI or the influence of moon phases, whatever you want), ask for something that interests you in the analysis or ask for clarification of something you did not understand in the analysis. You will receive an updated analysis with explanations in 5 seconds.

[tygeade]

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?

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.

[Tytanowy Janusz]

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?

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.

your description of Ai is good. Transferring the knowledge of how it works with mario to the language model, it looks like it is filled with a lot of filtered human conversations and texts written by people (the source of the GPT chat data is secret). As a curiosity, I will say that he also has many books in his "knowledge" because I had interesting philosophical conversations with him based on the works of, for example, Harrari. All this knowledge, however, is useless, because the algorithm does not know what is good and what is bad This is where tedious long-term and expensive AI training comes in. The AI ​​gets a question, creates an answer and gets feedback from the user whether the answer was right or wrong. At first, wrong answers prevail because the AI ​​is just "learning" but with time the quality of the answer increases.
that's why openAI has made its tools available for free. They incurred huge costs in data filtering and initial training, pay for computing power and would share it for free? They do it because every user helps with the training. OpenAI even asks for as much feedback as possible while creating an account. input data filtering is extremely important. Hence connecting ai to the Internet is not as easy as it might seem. Immediately our algorithm is exposed to data spam attacks from hostile AI (garbage in garbage out)

[lixer]

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.

That's great if they said that but I think there are still people who can't accept that fact. They are still expecting more from these AI's especially now that there are new AI's like Chatgpt and it was also being improved from time to time. Right now, Chatgpt is on it's version 4 but its performance are still kinda bad. Just take a look at the response get by @bettercrypto. What surprises me is he still call Chatgpt good.

You are right that they are delayed. Using them is not only a waste of time but its also a waste of money. This is why it's only better to rely on our own analysis. It may not be the best but at least it is more updated than what the AI's has to offer.

[o48o]

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.

Yeah interesting but large pinch of salt isn't going to be enough. I would take it with one wheelbarrow full of salt. There's several screen grabs where ChatGPT has outright lied. I can't use a term "made a mistake", because it seem to invent some things, never heard persons that don't seem to even exist and things that don't make any sense.

But i would like to know what chatgpt 4 had to say about this as it does have access to net. It could even code a prediction program. Maybe Chatgpt could give an algorithm how it predicted this one as well.

[davis196]

ChatGPT definitely knows how to tell us what we want to hear. We are all bullish in the long term and bearish in the short term, when it comes to predicting the Bitcoin price. I don't need AI tools like ChatGPT to tell me what I already know.
It's funny how some people think that such AI tools can be viewed as some kind of Oracle or a prophet.
I use ChatGPT only for fun. There's no reason to take seriously the inaccurate answers of some imperfect piece of artificial intellect.

[Aanuoluwatofunmi]

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.

ChatGPT cannot be accurate in predicting bitcoin market price because bitcoin itself is volatile, earlier today, bitcoin worth about $27,200 and later dropped to $26,800 this is a clear indication that we can have more high or dip anytime soon, and the trend is more likely to focus on going high, but if we can realize the breaking limit of $30,000 this new month then we may be getting closer to more rise as we continue to approach halving, let's see what this month has to offer with the market price.