The cryptocurrency market has taken a significant hit this week, with Bitcoin leading the charge in a bearish opening. The price of Bitcoin has quickly declined, breaking below the $64,000 mark and sparking concerns about a potential market-wide sell-off.
As a result, the total market capitalization of the crypto industry has seen a drastic decline of 8.2% in a single day, falling to $2.36 trillion.
Numerous bearish candles are visible on the daily Bitcoin chart, signaling that the bulls are losing ground and foreshadowing a potential decline in the days to come. This sudden shift in sentiment has left investors and traders on edge, as they closely monitor the market for further developments.
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Rounding Bottom Breakout Retest Sparks Correction
Bitcoin’s sharp fall of 7% this week has formed a prominent bearish candle, threatening an intense sell-off in the near future. Currently, the BTC price is retesting the $63,000 support zone.
In the larger price trend, the ongoing correction is seen as a retest of the rounding bottom breakout. However, the price action also showcases an evening star pattern, with Bitcoin peaking at $73,794. This short-term move reflects a bearish play in action, leaving investors cautious about the cryptocurrency’s immediate future.
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ChatGPT’s Bitcoin Price Prediction: A Bullish Outlook
To gain a longer-term perspective on Bitcoin’s price trajectory, we turned to ChatGPT, an AI language model, for its prediction post-halving. The AI took into account various catalysts and reasoning, such as previous bull runs, the current price action, and the potential impact of Bitcoin ETFs.
By considering these factors, ChatGPT aims to avoid any potential black swan events that could disrupt its prediction. Additionally, utilizing the technical analysis provided above and the power of AI estimation, ChatGPT predicts that Bitcoin could easily cross the $100,000 mark in the future.
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According to ChatGPT, the post-halving rally could propel Bitcoin to reach the $150,000 mark. In an even more optimistic scenario, the extended bull run could potentially push the cryptocurrency to the $250,000 mark in the next year.