As the political scene in the United States has evolved, cryptocurrencies, especially when it comes to regulation, have become key talking points in the presidential campaign.
In recent years, the growing prominence of cryptocurrency in politics has underscored the importance of the sector in the wider financial world. Notably, ahead of the November 5 US election, former President Donald Trump expressed his desire to support Bitcoin (BTC) if re-elected.
For example, Trump announced support for Bitcoin mining, noting that the sector could serve as a “last defense” against central bank digital currencies (CBDCs), which he opposes. On the other hand, President Joe Biden has reportedly engaged with cryptocurrency industry participants on policy issues.
Amid these political developments, the main focus remains on how the cryptocurrency sector, particularly the first-time cryptocurrency, might be affected. As a result, the impact will likely be visible in Bitcoin’s performance post-election.
ChatGPT-4o predicts the price of Bitcoin
To determine how Bitcoin will trade after the surveys, Finbold turned to OpenAI’s latest and most advanced artificial intelligence (AI) platform, ChatGPT-4o, to assess the asset’s future performance. The tool offered both bullish and bearish scenarios.
In a bullish scenario, the AI tool suggested that Bitcoin could see a significant price increase supported by favorable regulatory developments. Such conditions would likely boost investor confidence, attracting more institutional investment.
Continued growth in institutional adoption, where major companies and financial institutions integrate Bitcoin into their wallets and services, could further drive demand and price, as predicted by ChatGPT-4o.
Additionally, a stable post-election economy with rising disposable income could spur investment in assets like Bitcoin. Lingering inflation concerns could also prompt investors to consider Bitcoin as a hedge against currency devaluation, potentially increasing its value.
In this optimistic outlook, ChatGPT’s price target for Bitcoin ranges between $80,000 and $100,000.
Conversely, in a bearish scenario, the price of Bitcoin could decline due to stringent regulatory measures imposed by the new administration or bans on cryptocurrency trading. A post-election economic downturn could reduce investment in high-risk assets like Bitcoin, putting downward pressure on its price.
The AI platform also noted that declining retail investor interest, market saturation, or shifts to alternative investments could negatively impact the price of Bitcoin. Additionally, significant technological issues or security breaches within the Bitcoin network could undermine trust and value.
ChatGPT-4o predicted that Bitcoin could range between $30,000 and $40,000 in this pessimistic scenario.
Bitcoin Price Analysis
According to the latest update, Bitcoin has shown marginal gains of almost 1% in the last 24 hours, trading at $61,590. However, on the weekly chart, Bitcoin has retraced from its peak above $66,000, reflecting a decline of over 5% in a week.
Bitcoin has been in a downtrend recently, meeting significant resistance around $65,080 and finding support in the $60,000-$61,000 range. These levels are key in determining the near-term direction of Bitcoin.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
