With a bearish opening this week, the price of Bitcoin is quickly declining and breaks below the $64,000 mark. Amidst this crash, the total market capitalization of the crypto industry shows a drastic decline of 5.93% in a day to hit the $2.318 Trillion mark.
Marking multiple bearish candles in the daily chart, the bulls are losing their strong footing and warn of a downfall this week.
Breakout Rally Takes A Pause
With a sharp fall of 6.93% this week, the Bitcoin price is forming a prominent bearish candle, threatening an intense sell-off coming shortly. Currently, the BTC price shows a retest of the $64K support zone slightly below the neckline of the rounding bottom pattern.
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In the larger price trend, the ongoing correction comes as the retest of the rounding bottom breakout. However, the price action showcases an evening star pattern as it peaks at $73,794. Hence, the short-term move reflects a bearish play in action.
Considering the buyers polarize the downfall to a post-retest reversal, the uptrend in Bitcoin could surpass the $74,000 mark. In such a case, as per the Fibonacci levels, the BTC price could hit the 1.618 Fib level at $95,952.
On the flip side, a downfall continuation could hit the $60,000 mark.
For a longer-term perspective, we asked ChatGPT to predict the BTC price post-halving. This is what the AI predicted.
Bitcoin Price Prediction By ChatGPT
Starting with the considerations, the GPT4.0 included top catalysts and reasonings like the previous bull runs, the ongoing price action, and the Bitcoin ETFs in play. With such considerations, the GPT is trying to avoid any potential black swans.
After such inclusions, the Bitcoin price prediction by ChatGPT takes a bullish route with the help of our above technical analysis. Further, using the above analysis and the power of AI estimation, the GPT predicts Bitcoin easily crossing the $100,000 mark.
As per ChatGPT, the post-halving rally could hit the $150,000 mark. On an even more optimistic approach, the extended bull run could hit the $250,000 mark in the next year.
This news is republished from another source.
