Bitcoin (BTC) is striving to recover from last year’s bear market, which was characterized by a significant drop from an all-time high price of nearly $69,000. Despite encountering resistance at the $30,000 level, Bitcoin has shown mixed signals throughout 2023.
Notably, surpassing the $60,000 level in exiting the bear market is seen as crucial for Bitcoin to reach a new all-time high. This has led to Bitcoin remaining in focus despite the asset facing several challenges, such as macroeconomic factors and regulatory uncertainty.
In this line, Finbold consulted generative artificial intelligence (AI) tools, ChatGPT, and Google’s Bard with the question of Bitcoin’s ability to reclaim $60,000 this summer.
Picks for you
ChatGPT’s Bitcoin outlook
According to OpenAI’s ChatGPT, Bitcoin’s value remains speculative. However, the tool did not provide a conclusive answer on whether Bitcoin can reclaim $60,000 but provided a hypothetical situation.
The AI tool noted that reclaiming $60,000 would depend on several factors. These include a bullish market sentiment fueled by optimistic news, increased adoption, and renewed interest in cryptocurrencies, which would generate enthusiasm among investors.
Additionally, the tool emphasized the potential influence of institutional investors and governments, similar to Bitcoin’s previous bull run that was predominantly fueled by institutional involvement in the crypto space.
“Major financial institutions, corporations, and even governments embrace Bitcoin as a viable asset class. This institutional adoption brings substantial capital inflows into the cryptocurrency market, propelling Bitcoin’s price upward,” ChatGPT said.
Furthermore, ChatGPT highlighted the importance of a technological breakthrough, such as implementing an advanced blockchain solution, which enhances Bitcoin’s functionality and attracts more users and investors.
It also acknowledged that global economic uncertainties, such as inflation, geopolitical tensions, or changes in monetary policies, drive investors to seek alternative assets, further contributing to Bitcoin’s appeal.
“Bitcoin, known for its scarcity and decentralized nature, becomes an attractive hedge against traditional fiat currencies and experiences heightened demand, pushing its price higher,” it added.
Google Bard’s take on BTC value
Elsewhere, Bard expressed optimism, stating that Bitcoin could reclaim the $60,000 level this summer. The tool attributed this potential achievement to global economic conditions and institutional involvement as key drivers.
However, the tool also acknowledged that regulatory factors might influence Bitcoin’s valuation toward $60,000.
“If governments start to regulate Bitcoin, it could have a negative impact on the price. Ultimately, the price of Bitcoin is determined by supply and demand. If demand for Bitcoin continues to increase, it is possible that the price could reach $60k this summer,” Bard added.
Contrarily, Bard highlighted obstacles that could hinder Bitcoin’s recovery to the $60,000 level. It specifically mentioned the lingering effects of the bear market and potential technological advancements.
Bard also pointed out that emerging technologies like quantum computing pose a risk of hacking Bitcoin, potentially eroding confidence and causing prices to decline.
Bitcoin price analysis
At the time of reporting, Bitcoin was trading at $26,536, reflecting a daily gain of approximately 4%. Over the course of the week, Bitcoin has seen an increase of over 3%.
Regarding technical analysis, the current market sentiment for Bitcoin is predominantly bullish. This sentiment is supported by the summary from TradingView, which indicate that 11 out of the analyzed indicators align with a ‘buy’ recommendation.
Furthermore, the moving averages and oscillators also favor a ‘buy’ sentiment at 9 and 2, respectively.
It is worth noting that Bitcoin found some optimism on Friday, a day after the largest asset manager BlackRock (NYSE: BLK), filed for a spot Bitcoin exchange-traded fund (ETF). This has come in the wake of investors attempting to digest the ongoing regulatory crackdown by the Securities Exchange Commission (SEC).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
