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Bitcoin (BTC) has seen a sharp decline since the beginning of the week, falling below the critical support level of $64,000. This drop in the price of the largest cryptocurrency has also led to a decrease in the total market value of the crypto market, which has melted by over 7% in just the last 24 hours, pulling back to the $2.4 trillion mark. Multiple bearish candles on the daily price chart indicate that bulls have temporarily lost control to bears, signaling a potential continuation of the downtrend, although the advanced AI chatbot ChatGPT expects a significant rise in Bitcoin in the medium to long term.
Rally Halts as Expectations of a Downturn Gain Momentum
Bitcoin has lost over 5% of its value since the beginning of the week, accompanied by the formation of distinct bearish candles indicating strong selling pressure. Currently, Bitcoin is testing the support region at $64,000, just below the neckline of a rounding bottom formation. Despite the ongoing correction being a retest of the rounding bottom formation breakout, the price decline is gaining momentum under the influence of the evening star formation at $73,794.
While buyers may attempt to reverse the downtrend after the retest, the short-term outlook remains uncertain. Should Bitcoin surpass the $74,000 level, it could target the 1.618 Fibonacci level, which corresponds to $95,952, under a potential uptrend. However, if the downward momentum continues, Bitcoin’s price could drop below the $60,000 level.
Major Surge Expected After Fourth Block Reward Halving
In the medium to long term, Bitcoin is expected to significantly gain in value, especially after the fourth block reward halving in April. Considering fundamental catalysts such as the persistence of bullish price movements from previous bull runs and the impact of spot Bitcoin ETFs, the advanced AI chatbot ChatGPT predicts a major surge.
Based on technical analysis and AI predictions, ChatGPT anticipates that Bitcoin will comfortably exceed the $100,000 level in the rally starting after the block reward halving. ChatGPT’s analysis extends to even more optimistic scenarios, suggesting that the rally following the fourth block reward halving could push Bitcoin’s price up to $150,000. In an expanded bull scenario, the AI chatbot expects the largest cryptocurrency to potentially rise to as much as $250,000 within the next year.
