With a bearish opening this week, the price of Bitcoin falls quickly and breaks below the $64,000 mark. Amid this crash, the total market capitalization of the crypto industry recorded a drastic decline of 5.93% in a day, reaching the $2.318 trillion mark.
As bulls mark multiple bearish candles on the daily chart, they are losing their strong hold and warning of a downturn this week.
The breakout rally is taking a break
With a sharp 6.93% decline this week, Bitcoin price is forming a clear bearish candle and is threatening a severe sell-off soon. Currently, BTC price is showing a retest of the $64,000 support zone, slightly below the neckline of the round bottom pattern.
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In the larger price trend, the ongoing correction occurs as a retest of the round bottom breakout. However, the price action shows an evening star pattern and peaks at $73,794. Therefore, the short-term movement reflects a bearish trend.
Considering that buyers are polarizing the decline towards a reversal after the retest, Bitcoin's uptrend could exceed $74,000. In such a case, BTC price could reach the 1.618 Fib level at $95,952 according to the Fibonacci levels.
On the other hand, a sustained decline could reach the $60,000 mark.
For a longer-term perspective, we asked ChatGPT to predict the BTC price after the halving. This is what the AI predicted.
Also Read: Bitcoin Halving Prediction Déjà Vu for BTC Price; The pre-halving peak pattern strikes again!
Bitcoin price prediction by ChatGPT
Starting with the considerations, the GPT4.0 covered key catalysts and considerations such as the previous bull runs, ongoing price action, and the Bitcoin ETFs in play. With such considerations, the GPT tries to avoid possible black swans.
After such inclusions, ChatGPT's Bitcoin price prediction takes a bullish course using our technical analysis above. Furthermore, using the above analysis and the power of AI estimation, the GPT predicts that Bitcoin will easily surpass the $100,000 mark.
According to ChatGPT, the post-halving rally could reach $150,000. Taking an even more optimistic approach, the extended bull market could reach $250,000 next year.
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