Bitcoin (BTC) is trying to recover from last year’s bear market, which featured a significant drop from an all-time high price of nearly $69,000. Despite encountering resistance at the $30,000 level, Bitcoin has shown mixed signals throughout 2023.
In particular, breaking the $60,000 level in bear market exit is seen as crucial for Bitcoin to reach a new all-time high. This has led to Bitcoin remaining in the spotlight despite the asset facing several challenges, such as macroeconomic factors and regulatory uncertainty.
Along these lines, Finbold consulted Google’s Generative Artificial Intelligence (AI) tools, ChatGPT, and Bard with the question of Bitcoin’s ability to fetch $60,000 this summer.
ChatGPT’s Bitcoin Perspectives
According to OpenAI’s ChatGPT, the value of Bitcoin remains speculative. However, the tool did not provide a conclusive answer as to whether Bitcoin can fetch $60,000, but did provide a hypothetical situation.
The AI Tool noted that recovering the $60,000 will depend on several factors. These include bull market sentiment fueled by optimistic news, increased adoption and renewed interest in cryptocurrencies, which would generate excitement among investors.
Additionally, the tool emphasized the potential influence of institutional investors and governments, similar to Bitcoin’s previous bull run that was fueled primarily by institutional involvement in the crypto space.
“Major financial institutions, corporations, and even governments embrace Bitcoin as a viable asset class. This institutional adoption drives substantial capital inflows into the cryptocurrency market, driving up the price of Bitcoin,” ChatGPT said.
Furthermore, ChatGPT highlighted the importance of a technological breakthrough, such as the implementation of an advanced blockchain 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 attractiveness.
“Bitcoin, known for its scarcity and decentralized nature, becomes an attractive hedge against traditional fiat currencies and experiences increased demand, driving its price higher,” he added.
Google Bards takes the value of BTC
Elsewhere, Bard expressed optimism, saying that Bitcoin could recover to the $60,000 level this summer. The tool attributed this potential outcome to global economic conditions and institutional engagement as key factors.
However, the tool also acknowledged that regulatory factors could affect Bitcoin’s valuation towards $60,000.
“If 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 could reach $60,000 this summer,” Bard added.
Conversely, Bard highlighted the hurdles that could hinder Bitcoin’s recovery to the $60,000 level. He specifically mentioned the lingering bear market effects and potential technological advances.
Bard also pointed out that emerging technologies such as quantum computing pose a risk of hacking Bitcoin, potentially eroding trust and causing prices to fall.
Bitcoin price analysis
At the time of reporting, Bitcoin was trading at $26,536, reflecting an approximately 4% daily gain. Over the course of the week, Bitcoin has seen an increase of more than 3%.
As far as technical analysis is concerned, the current market sentiment for Bitcoin is predominantly bullish. This sentiment is supported by the summary of TradingViewwhich indicate that 11 of the indicators analyzed are in line with a “buy” recommendation.
Furthermore, the moving averages and oscillators also favor a “buy” sentiment at 9 and 2 respectively.
It is worth noting that Bitcoin found some optimism on Friday, a day after the largest asset manager BlackRock (NYSE:BLK), filed for a spot Bitcoin exchange-traded fund (ETF). This came in the wake of investors trying to digest the ongoing regulatory crackdown by the Securities Exchange Commission (SEC).
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
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