bitcoin (BTC) is struggling to bounce back from last year bear market, which was marked by a significant drop from an all-time high price of nearly $69,000. despite meeting endurance At the $30,000 level, Bitcoin has shown mixed signals throughout 2023.
In particular, breaking above the $60,000 level upon exiting the bear market is seen as crucial for Bitcoin to reach a new all-time high. This has led to Bitcoin remaining in the spotlight despite the fact that the asset faces several challenges, such as macroeconomic factors and regulator uncertainty.
Along these lines, Finbold consulted generative artificial intelligence (AI) tools, ChatGPTand Google's Bard on the question of Bitcoin's ability to claim $60,000 this summer.
ChatGPT's Bitcoin Perspective
According to OpenAI's ChatGPT, the value of Bitcoin remains speculative. However, the tool did not provide a conclusive answer on whether $60,000 can be claimed by Bitcoin, but provided a what-if scenario.
The artificial intelligence tool noted that recovering $60,000 would depend on several factors. These include a bull market sentiment fueled by upbeat news, increased adoption and renewed interest in CRYPTOCURRENCIESwhich would generate excitement among investors.
Furthermore, the tool emphasized the potential influence of institutional investors and governments, similar to Bitcoin's previous bull run which was predominantly driven by institutional participation in the crypto space.
โMajor financial institutions, corporations, and even governments embrace Bitcoin as a viable asset class. This institutional adoption generates significant capital inflows into the cryptocurrency market, which drives the price of Bitcoin higher,โ said ChatGPT.
In addition, ChatGPT highlighted the importance of a technological breakthrough, such as the implementation of an advanced block chain solution, which improves the functionality of Bitcoin and attracts more users and investors.
He also acknowledged that global economic uncertainties such as inflation, geopolitical tensions or changes in monetary policies drive investors to seek alternative assets, further contributing to Bitcoin's appeal.
โBitcoin, known for its scarcity and decentralized nature, becomes an attractive hedge against traditional fiat currencies and experiences increased demand, driving its price up,โ he added.
Google Bard's opinion on the value of BTC
Elsewhere, Bard expressed optimism, stating that Bitcoin could recapture the $60,000 level this summer. The tool attributed this potential achievement to global economic conditions and institutional engagement as key drivers.
However, the tool also acknowledged that regulatory factors could influence Bitcoin's valuation towards $60,000.
โIf governments start regulating Bitcoin, it could have a negative impact on the price. Ultimately, the price of Bitcoin is determined by supply and demand. If the demand for Bitcoin continues to increase, the price may reach $60,000 this summer,โ Bard added.
Rather, Bard highlighted the hurdles that could make it difficult for Bitcoin to rally to the $60,000 level. He specifically mentioned the lingering effects of the bear market and possible technological advances.
Bard also noted that emerging technologies like quantum computing present a risk of hacking Bitcoin, which could erode confidence and drive prices down.
Bitcoin Price Analysis
At the time of reporting, Bitcoin was trading at $26,536, reflecting a daily gain of approximately 4%. Over the course of the week, Bitcoin has seen an increase of more than 3%.
About technical analysis, the current market sentiment for Bitcoin is predominantly bullish. This sentiment is supported by the summary of TradingViewindicating that 11 of the indicators analyzed align with a 'buy' recommendation.
Also, the moving averages and oscillators they also favor a 'buy' sentiment at 9 and 2, respectively.
It's worth noting that Bitcoin found some bullishness on Friday, a day after the largest asset manager BlackRock (NYSE: BLACK), applied for a spot Bitcoin exchange-traded fund (exchange traded fund). This has come in the wake of investors trying to digest the ongoing regulatory crackdown by the Securities and Exchange Commission (SEC).
Disclaimer: The content of this site should not be considered as investment advice. The investment is speculative. By investing, your capital is at risk.
