An artificial intelligence tool, OpenAI’s ChatGPT-4o, has analyzed various factors influencing Bitcoin’s price trajectory. These include the upcoming 2024 halving event, institutional investor interest, and macroeconomic conditions such as interest rates and inflation. The AI predicts that Bitcoin could reach $100,000 by mid-to-late 2025, requiring a substantial price increase from current levels.
Impact of the 2024 U.S. Presidential Election
The upcoming U.S. presidential election has also played a role in Bitcoin’s recent price movement. Republican candidate Donald Trump’s pledge to make Bitcoin a U.S. strategic reserve has generated bullish sentiment. However, historical data suggests that Bitcoin often experiences price declines in the days leading up to elections.
Expert Opinions and Technical Analysis
Financial experts hold diverse opinions on Bitcoin’s performance during the 2024 elections. Some analysts remain optimistic, citing technical factors like a potential inverse head-and-shoulders pattern that could propel Bitcoin to $200,000 by 2025.
To achieve this, Bitcoin must successfully break through the $70,000 resistance level. Failure to do so could lead to a bearish correction, with the $68,500 support level serving as a crucial point of interest.