It’s been a rollercoaster ride recently for Bitcoin ($BTC) holders, with the coin’s price hitting a two-month low.
Google Bard, Google’s conversational AI chatbot, has weighed in on Bitcoin’s current situation and its potential price trajectory in the coming months.
Bard has also identified two brand-new coins, both still in their presale phase, that it believes could outperform Bitcoin by the end of 2023.
Bear Market Ramps Up as Bitcoin Price Sinks Below Crucial Indicator
At the time of writing, Bitcoin is trading around the $26,670 level – the lowest it has been since June 19.
Since Monday, Bitcoin’s value has plummeted by 11%, marking it for its most significant weekly decline in over seven months.
Bitcoin has erased almost all of the gains made since mid-June, with the bearish momentum showing no signs of abating.
Perhaps most worryingly for Bitcoin investors, price has broken through the 200-day Exponential Moving Average (EMA) on the daily time frame and tested it as resistance from the other side.
This EMA is considered a crucial long-term indicator, and remaining below it could signal further downside for $BTC.
Some analysts point to a hawkish Federal Reserve as a factor driving Bitcoin’s latest sell-off.
However, as highlighted in a Tweet from Bitcoin Magazine, Fundstrat’s Tom Lee speculated that Bitcoin’s price could rebound to between $150,000 and $180,000 if a spot BTC ETF gets approved.
Bard’s BTC Price Forecast is Bullish Despite Current Slump
Google Bard also has an optimistic outlook on where Bitcoin’s price is headed in the months ahead.
When asked to provide a forecast, Bard predicted that Bitcoin could reach $35,000 by the end of 2023.
This would represent a 31% surge from the coin’s current price point, putting Bitcoin back to the same level it was in May 2022.
Bard based its bullish prediction on several potential catalysts for Bitcoin, including the possible approval of a spot BTC ETF in the US and continued institutional interest.
While short-term price action may be challenging, Bard’s analysis suggests the long-term trajectory for Bitcoin remains positive.
Which Other Coins is Google Bard Bullish On?
While Bitcoin has caught Google Bard’s attention, the AI is also optimistic about the potential of some newer coins.
In particular, Bard believes meme coins Wall Street Memes and Sonik Coin have strong momentum, noting their potential for viral growth.
Bard Predicts Trending Wall Street Memes Token Could Rise 260% After Listing
Wall Street Memes ($WSM) is a trending presale cryptocurrency in the second-last phase of its highly-successful presale.
During this presale, Wall Street Memes has raised over $25 million from early investors, setting the stage for a successful exchange launch in the coming weeks.
Still, prospective investors have a limited window to purchase $WSM tokens at $0.0334 before their public market debut.
Given the project’s colossal community backing and in-depth roadmap, many early investors believe buying at such a low price is a lucrative decision in the long term.
Google Bard also seems to think so, with the AI model stating it sees strong potential in $WSM.
Bard believes that if $WSM’s launch is successful and it gains traction, it could reach $0.10 by the end of 2023.
Should this occur, it would represent a 264% increase from the current presale price.
Bard’s optimistic prediction will be music to the ears of those in the Wall Street Memes Telegram channel, where thousands of dedicated followers regularly share their insights.
This active community, combined with Wall Street Memes’ presale traction, makes it a coin worth monitoring.
Google Bard Says Sonik Coin Could Be Set for 200% Pump as Presale Hype Grows
Another coin Google Bard has endorsed is the Sonic the Hedgehog-themed token, Sonik Coin ($SONIK).
Much like $WSM, this token is in the midst of its presale phase, with early investors able to acquire $SONIK at the low price of $0.000014.
Since its presale launch on Tuesday, more than $150,000 has been raised, showcasing the growing interest in the coin.
$SONIK’s unique theme, tapping into the nostalgic elements associated with the iconic video game character, has undoubtedly contributed to its early traction.
Sonik Coin will also feature a built-in staking protocol, with the project’s staking dashboard revealing that yields are currently sitting at around 449% per annum.
Bard sees enormous potential in $SONIK, believing the token could reach $0.000042 by the end of 2023 if it continues its momentum post-listing – a 200% increase from the presale price.
The AI model is optimistic mainly because of Sonik Coin’s staking protocol, which will attract investors seeking passive income streams.
This ringing endorsement from Google Bard has piqued the interest of many in the $SONIK community, enhancing the token’s early popularity even further.