Bitcoin is continuing its gradual recovery from last year’s bear market, which saw the cryptocurrency’s price plummet from an all-time high of almost $69,000 to below $30,000. Many in the industry believe that reclaiming the $60,000 price level is necessary for Bitcoin to reach a new all-time high. In order to gauge the likelihood of this happening this summer, online publication Finbold consulted with two generative artificial intelligence tools: OpenAI’s ChatGPT and Google’s Bard.
ChatGPT stressed the importance of a variety of factors that could contribute to a renewed bullish market sentiment, which would, in turn, fuel enthusiasm among investors. It mentioned institutional adoption, government involvement, and technological breakthroughs, such as enhanced blockchain solutions, as key factors. Another reason for investors to seek out Bitcoin is as a hedge against traditional fiat currencies in times of global economic uncertainty.
Bard, on the other hand, expressed optimism, stating that Bitcoin could reclaim the $60,000 mark this summer. It attributed this potential achievement to global economic conditions and institutional involvement. However, it also pointed out that regulatory factors could play a role in either supporting or hindering the cryptocurrency’s recovery.
As of the time of reporting, Bitcoin was trading at $26,536, showing a daily gain of approximately 4%, while over the course of the week, Bitcoin has seen an increase of over 3%. Technical analysis of the cryptocurrency shows that the current market sentiment is predominantly bullish. Additionally, TradingView recommends a ‘buy’ sentiment for 11 out of the analysed indicators.
It’s possible that the recent announcement from BlackRock, which has filed for a spot Bitcoin exchange-traded fund (ETF), may have helped boost prices further. This news comes at a time when investors are trying to make sense of the ongoing regulatory crackdown by the US Securities and Exchange Commission (SEC).
