The price of Bitcoin (BTC) continues to be weighed down by market uncertainty stemming from the United States’ decision to implement tariffs on Canada, Mexico, and China.
With market players warning that these tariffs could have devastating consequences—such as driving up inflation—the leading digital currency has responded with significant capital outflows.
As a result, Bitcoin has lost the crucial $100,000 support zone, which was widely seen as a springboard to a new all-time high. Immediate resistance now stands at $100,000.
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As of press time, Bitcoin was trading at $98,416, down 3.7% in the last 24 hours. On the weekly chart, the asset is also down 2.8%.
AI predicts Bitcoin price
Amid this uncertainty, attention has turned to how the asset will likely trade in the coming weeks. In this line, Finbold consulted its artificial intelligence (AI) tool to predict the price of Bitcoin for February 28.
The tool, leveraging multiple models, predicts a bullish outlook for Bitcoin, setting an average price target of $104,000 by February 28, 2025, a 5% increase from its current price.
The most optimistic forecast comes from GPT-4o, which projects Bitcoin will reach $105,000. This prediction is based on the recent golden cross, where the 50-day simple moving average (SMA50) crossed above the 200-day SMA (SMA200), a historically strong bullish signal. GPT-4o also factored in positive market sentiment and a lack of major negative news.
GPT-4o Mini offered a slightly lower target of $102,500, reflecting a 3.7% increase. It also highlighted the golden cross as a key driver, with stable interest rate expectations and optimism surrounding regulatory clarity in crypto.
Meanwhile, Grok 2 Vision predicts Bitcoin will rise to $104,500, citing the golden cross, favorable macroeconomic conditions, and growing investor confidence as catalysts for further upside.
Bitcoin’s technical setup
Bitcoin’s technical setup suggests long-term growth potential, though some analysts anticipate further short-term declines. For instance, in a February 2 X post, Captain Faibiki highlighted that Bitcoin appears poised for a breakout despite recent pullbacks, forming an ascending broadening wedge on the daily chart, a bullish pattern often hinting at upward momentum.
He observed that Bitcoin is trading near the $95,000 and $96,000 support zone, a critical level where bulls need to hold firm to sustain the rally.
The analyst foresees a strong rebound if this level is defended, potentially driving Bitcoin to a new all-time high by late February or early March 2025. Indeed, if Bitcoin finishes February on a high, it will align with historical trends where the asset has recorded an average return of 14.4% for the second month of the year.
The primary hurdle remains the $106,000 resistance, which has challenged bullish momentum. A breakout above this level could pave the way for Bitcoin to target $120,000, as the wedge’s structure points to substantial upside potential.
At the same time, another expert, Gert van Lagen, supported the long-term bullish outlook, projecting that Bitcoin could target the $270,000 zone based on the bullish “megaphone pattern.”
As it stands, Bitcoin is still in a tussle between bulls and bears, with additional on-chain metrics hinting at a possible price spike in the future.
For instance, data shared by macro researcher Axel Adler in an X post on February 1 indicates that Bitcoin is maintaining a bullish trajectory while avoiding signs of overheating, according to the adjusted net unrealized profit/loss (aNUPL) indicator.
He noted that Bitcoin is currently in a “zone of confidence,” with aNUPL at approximately 0.4—far below the 0.7–0.8 range historically associated with market euphoria in 2017 and 2021.
This suggests the market is not in a bubble while investors are seeing moderate profits. If macroeconomic conditions remain stable, BTC could have further room to grow, reinforcing its long-term bullish outlook.
Featured image via Shutterstock
