Bear market comments and speculations have returned to the cryptocurrency space as bitcoin erased over $400 billion from its market cap in weeks, going down from over $82,000 to a Friday bottom of $59,000 on Friday – its lowest position in 19 months.
Although it managed to rebound above $60,000 quickly, analysts are now split on whether that support will hold this time as it did back in February. So, we decided to ask ChatGPT’s latest version about its take on the matter.
$60K’s Significance
BTC hasn’t been this low since before the US presidential elections nearly two years ago. Consequently, ChatGPT claimed that it’s “arguably bitcoin’s most important support level right now,” as it serves as a major psychological threshold.
“Markets often remember such levels, especially after they have already served as a turning point once before,” it said.
However, it outlined a problem with the current situation: such support lines generally weaken each time they are tested, which is probably why it gave in on Friday, even for a short period of time. The more often buyers are forced to defend a certain price zone, the greater the probability that it eventually gives way.
Nevertheless, ChatGPT believes a breakdown below this level is now “possible but not inevitable.” It put reasonable odds at roughly 40% that BTC loses the $60,000 line in the coming weeks and 60% that it holds and forms at least a medium-term bottom.
What Happens to BTC if It Does Break Down?
ChatGPT said the first likely level to hit would be $55,000 if the $60,000 floor gives in. If panic accelerates and traditional markets remain under pressure, then BTC could revisit another psychologically important mark at $50,000.
That would be a 40% correction from the May high at $82,000, which would be a painful move but still within the range of historically bull-market retracements. A more extreme scenario would involve bitcoin dumping into the $45,000-$48,000 range, but Peter Schiff recently warned that the asset could slump toward $20,000 if the $50,000 line is lost.
In contrast, OpenAI’s platform outlined a more bullish path forward if $60,000 holds. Should the bulls successfully defend it once again, the market could “quickly shift from fear to relief” and BTC “may attempt to reclaim $70,000 before targeting the $75,000-$80,000 region.”
“Historically, some of bitcoin’s strongest rallies have emerged precisely when sentiment became overwhelmingly bearish, and investors started preparing for much lower prices,” it concluded.
The post We Asked the New ChatGPT: Will BTC Inevitably Lose the $60K Support? appeared first on CryptoPotato.