Summary
⚈ Bitcoin is showing bullish technical signals above key moving averages with potential to reach $106,000
⚈ Both AI models view $100,000 as a key resistance level
As Bitcoin (BTC) consolidates around the $95,000 mark, two artificial intelligence (AI) models suggest that the maiden digital currency could finish May trading at $100,000.
As of press time, Bitcoin was valued at $95,972, dipping by about 1% in the last 24 hours. On the weekly chart, however, BTC is up almost 2%.
Although Bitcoin is still awaiting a decisive move, the asset’s technical indicators paint a cautiously bullish scenario in the coming days. There is a possible extended upward trend, considering that at the current price, Bitcoin is trading above the 50-day Simple Moving Average ($86,698) and the 200-day SMA ($86,156).
However, a 6.63% volatility rate suggests potential price swings. Meanwhile, a Fear & Greed Index of 65 (Greed) and a 14-day Relative Strength Index (RSI) of 70 nearing overbought territory hint at overconfidence and a possible pullback if momentum weakens.
AI predicts Bitcoin price
Regarding the price prediction, OpenAI’s ChatGPT forecasts a range between $102,000 and $108,000, with a base case of $105,000 for May 31.
The AI model cited several catalysts, such as a possible sustained exchange-traded fund (ETF) inflow into Bitcoin and the impact of the April 2024 halving, as key drivers.
ChatGPT also highlighted $100,000 as a critical psychological barrier, suggesting that prices could briefly spike to $112,000 once breached.
However, the model warned that macroeconomic risks like inflation or a hawkish Federal Reserve policy could limit gains or trigger a dip toward $97,000.
On the other hand, xAI’s Grok offered a wider forecast, setting the price range between $90,000 and $120,000, with a likely range of $105,000 to $115,000.
The model echoed ChatGPT’s view on ETF adoption and halving effects and cautioned around sentiment indicators and seasonal volatility. It noted potential short-term correction if markets become overbought or if regulatory uncertainty resurfaces.
Despite the different forecast ranges, both models agree on core themes: Bitcoin remains bullish, $100,000 is a key battleground, and short-term volatility is still in play.
Bitcoin technical outlook
Meanwhile, technical analysis supports the possibility of trading Bitcoins that are above $100,000. In a May 1 post on X, prominent online analyst TradingShot noted that Bitcoin is staging an impressive comeback, erasing nearly all traces of the recent “Tariffs correction” that shook markets.
According to the outlook, every lower high from the previous downtrend has been filled, except for the January 30 peak. The chart signals a bullish continuation, with Bitcoin closing price gaps from its February to April decline. Since bottoming in April, the asset has already posted two 15%+ surges.
The remaining upside target lies just above the 2.0 Fibonacci extension. Filling this level would mark a third 15.11% gain, putting the short-term target at $106,000.
Featured image via Shutterstock
