We Asked ChatGPT If Bitcoin (BTC) Could Reach a New ATH This Month
TL;DR
- Bitcoin’s price recently fell but has begun to recover, raising hopes of a potential rally in May.
- Favorable regulations and increased institutional adoption could lead to a significant increase in BTC prices (according to ChatGPT).
Despite a promising start to the year and a surge to an all-time high price in March, Bitcoin’s progress stalled in April. The primary cryptocurrency did not start May well, falling to $56,800 (the lowest in nearly two months).
The last few days have been a little more optimistic; BTC regained some of its lost ground and briefly rose towards the $60,000 level. Therefore, we decided to ask ChatGPT if the asset could experience a more significant rise during this month and touch a new ATH.
While the popular AI-powered chatbot did not rule out this possibility, it outlined numerous factors that would need to happen for such a price increase.
Positive regulatory news mentioned as the biggest contributor. ChatGPT predicted that approval of additional ETFs could lead to a revival. Another regulatory development that could positively impact the entire cryptocurrency market is ripple‘s decisive victory in its legal battle against the SEC.
Recall that litigation between the parties began at the end of April, and the company has previously achieved three partial court victories.
second most important factor It is enterprise adoption called ChatGPT. “Increased adoption by large institutions such as investment funds, banks or corporations could lead to significant consequences capital inflow The chatbot claimed to have been transferred to Bitcoin.
Technological developments, market sentiment, macroeconomic conditions and supply dynamics were also added to the list of essential elements.
Signs of an Uptrend in BTC
Multiple indicators suggest that the correction in Bitcoin may not last long. An example of this is the MVRV (Market Value to Realized Value) metric, which has been declining since the beginning of April.
A score above 3.5 indicates that the BTC price is near a top, while a result below 1 warns of a bottom. MVRV rate dived It rose to 1.87 on May 2, signaling a buy signal for the asset.
Another sign is BTC exchange net flowIt has been following a predominantly negative trend for the last two weeks. Gear shift The shift from centralized platforms to self-custody methods is considered bullish as it reduces immediate selling pressure.
Maybe -most apparent Hinting that a Bitcoin bull run is just around the corner halving this happened last month. Event where miners reward those who verify blocks in the blockchain cut off half has historically been a precursor mother revival of the entire crypto industry. For those who want to learn more about its features, feel free to check out our exclusive video below:
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