As the political landscape in the United States evolves, cryptocurrency, particularly regarding regulation, has become a pivotal topic in the presidential race.
In recent years, the relevance of cryptocurrency in politics has grown, highlighting the importance of the industry within the broader financial world. Notably, ahead of the U.S. election on November 5, former President Donald Trump has stated that if re-elected, he intends to support Bitcoin.
For instance, Trump announced his support for Bitcoin mining, indicating that the industry could serve as the “last defense” against central bank digital currencies (CBDCs), which he opposes. On the other hand, President Joe Biden has reportedly engaged with cryptocurrency industry participants on policy issues.
Amid these political developments, the primary focus remains on the potential impact on the cryptocurrency industry, especially the foremost cryptocurrency. Consequently, Bitcoin’s performance post-election could be influenced.
ChatGPT-4o’s Bitcoin Price Prediction
To determine how Bitcoin might trade after the election, Finbold turned to OpenAI’s most advanced and latest artificial intelligence (AI) platform, ChatGPT-4o, to gauge the asset’s future performance. The tool provided both bullish and bearish scenarios.
In an optimistic scenario, the AI tool suggests that Bitcoin’s price could significantly increase, driven by favorable regulatory developments. Such conditions could boost investor confidence, attracting more institutional investment.
As predicted by ChatGPT-4o, the continued growth of institutional adoption, where major companies and financial institutions integrate Bitcoin into their portfolios and services, could further drive demand and prices.
Additionally, a stable economy post-election and an increase in disposable income could stimulate investment in assets like Bitcoin. Ongoing inflation concerns might also prompt investors to view Bitcoin as a hedge against currency devaluation, potentially increasing its value.
In this optimistic outlook, ChatGPT’s target price for Bitcoin ranges between $80,000 and $100,000.
Conversely, in a bearish scenario, Bitcoin’s price might decline due to strict regulatory measures or bans on cryptocurrency trading implemented by a new administration. A post-election economic downturn could reduce investment in high-risk assets like Bitcoin, exerting downward pressure on its price.
The AI platform also noted that diminishing interest from retail investors, market saturation, or a shift towards alternative investments could negatively impact Bitcoin’s price. Moreover, significant technical issues or security breaches within the Bitcoin network could undermine trust and value.
ChatGPT-4o predicts that in this pessimistic scenario, Bitcoin’s price could range between $30,000 and $40,000.
Bitcoin Price Prediction. Source: ChatGPT-4o
Bitcoin Price Analysis
As of the latest update, Bitcoin has marginally gained nearly 1% in the past 24 hours, trading at $61,590. However, on the weekly chart, Bitcoin has retreated from a peak above $66,000, reflecting a decline of over 5% within a week.
Bitcoin Seven-Day Price Chart. Source: Finbold
Recently, Bitcoin has exhibited a bearish trend, encountering significant resistance around $65,080 and finding support in the $60,000 to $61,000 range. These levels are crucial for determining Bitcoin’s short-term direction.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk