Crypto influencer Rekt Fencer has shared a Bitcoin trading algorithm developed with OpenAI's ChatGPT, but there's skepticism among users regarding the bot's performance.

Trading algorithms aren't limited to cryptocurrencies; they're tools utilized across various financial markets to automate processes. The concept involves establishing presets based on sophisticated mathematical models to execute trades according to predetermined rules, rather than relying on instinct or emotions.

Rekt Fencer claims to have created one such algorithm for trading Bitcoin (BTC), allegedly generating profits of $71,500. According to the influencer's April 25th post on X thread, the bot utilized the Bollinger Bands Indicator on TradingView.

Rekt Fencer stated that it took just 10 minutes to build this Bitcoin trading bot using AI prompts on ChatGPT. The OpenAI tool was also used to address coding errors and resolve technical glitches that might arise during the setup process.

However, users have contested Rekt Fencer's claims regarding the performance of the Bitcoin trading bot. Some suspect that the trader may have only shared backtesting results rather than actual profits from live-market trades. Backtesting involves running simulations in a controlled environment and is often used as a preliminary step before implementing strategies in real-world scenarios.

Skeptical community members have noted that Rekt Fencer's post only mentions profits and lacks any mention of losses, which seems improbable if the bot was actually deployed in the open market.

Observers have also pointed out that developing a trading algorithm is a complex technical endeavor, and AI bots like OpenAI's ChatGPT may not be optimized for such tasks. Users are advised to exercise caution when implementing any automated trading system and deploying real capital.