When Will the Bitcoin Bull Run Start? ChatGPT Predicts June
The Bitcoin market has been eagerly anticipating the start of the next bull run, especially with the approaching fourth Bitcoin halving. However, the recent 15% dump in April has left many investors wondering when the upward trend will resume.
ChatGPT’s Prediction: Gradual Start in June, Momentum in November
To gauge insights, we turned to ChatGPT, an advanced language model. After providing it with the market analysis and historical chart data, ChatGPT offered a bullish prediction: the Bitcoin bull run is expected to start gradually in June.
The AI model anticipates that the upward trend will gain momentum in November, following an October rally. This prediction aligns with the historical pattern of Bitcoin halvings, which have often led to significant price increases.
Current Market Conditions: Supply Pressure and Bearish Sentiment
Despite the positive prediction from ChatGPT, the current market conditions suggest some challenges. The Bitcoin price is facing substantial supply pressure, evident by the recent pullback. The BTC price has twice approached the $60,000 support level, which could indicate a potential violation.
Moreover, the growing supply of Bitcoin due to mining rewards, coupled with the lack of significant bullish movement from the nine Bitcoin ETFs in the U.S. market, has fostered a sense of fear among investors.
Technical Analysis: Price Action and Support
From a technical standpoint, the Bitcoin price is trading at $60,810, with a Doji candle forming on the monthly chart. The recent 5% drop has put the support zone at risk, indicating a potential downside risk.
However, it’s important to note that Bitcoin has historically exhibited a pivot point at this stage before embarking on a major bull run in 2024.
Investor Sentiment: Anticipation and Caution
While ChatGPT’s prediction provides some optimism, investors remain cautious. The market has yet to break free from the supply pressure, and the fear of a further downturn lingers.
Nonetheless, the anticipation of a bull run remains, and many investors are closely monitoring the market for signs of a breakout. The October rally and the upcoming halving event will be key catalysts to watch.
Divya