Although Bitcoin (BTC) has dropped back below the important psychological price level of $70,000, its supporters have retained strong optimism regarding its future price, and a popular artificial intelligence (AI) model has provided insights on when the maiden cryptocurrency could hit $100,000.
Indeed, Bitcoin has recorded declines in the past few days but has advanced over 60% since the year’s turn and has reached a new all-time high (ATH) in March, weeks before its latest halving event, and two months after the approval of multiple spot Bitcoin exchange-traded funds (ETFs) in the United States.
Bitcoin price 30-day chart. Source: Finbold
Meanwhile, Bitcoin whales seem to be anticipating a pump in the asset’s price, having opened massive long positions at the $69,000 mark, according to Ki Young Ju, founder of crypto analysis platform CryptoQuant, signaling potential bullish sentiment, as Finbold reported on June 9.
#Bitcoin whale(s) on HTX opened massive long positions at $69k. https://t.co/yrMLl9vhKW pic.twitter.com/Nj58HqEf8f
— Ki Young Ju (@ki_young_ju) June 9, 2024More recently, renowned crypto trading expert Michaël van de Poppe projected that Bitcoin might test the area between $64,000 and $65,000 “before the markets are reversing back upwards due to the upcoming [Federal Open Market Committee (FOMC)] meeting & [Consumer Price Index (CPI)] data,” as per his X post on June 11.
Bitcoin price action analysis. Source: Michaël van de Poppe
All things considered, ChatGPT-4o’s predictions of Bitcoin hitting the price of $100,000 in the suggested period might come true. That said, one should take AI platforms’ insights with a grain of salt, complementing them with additional research, risk analysis, and keeping up with any relevant developments.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
