Bitcoin recently reclaimed the $68,500 level, signaling bullish momentum after six days of decline. This pullback was largely influenced by the market uncertainty surrounding the upcoming 2024 U.S. presidential election.
With volatility on the rise, we consulted ChatGPT for its insights on Bitcoin’s potential price movement if either Donald Trump or Kamala Harris wins the election. Here’s what ChatGPT had to say.
Current Bitcoin Price Dynamics
Amid the election-driven speculation and market swings, Bitcoin dropped sharply, losing 7.01% over six consecutive bearish sessions. Now, Bitcoin is rebounding with a 1.20% intraday gain.
Bitcoin currently trades at $68,633, with buyers attempting to reclaim the 78.60% Fibonacci retracement level at $68,943. The price is also retesting a previously broken resistance trendline, suggesting potential for a bullish continuation following a recent flag pattern breakout.
While Bitcoin is showing signs of recovery, the MACD and signal lines recently turned bearish, with negative histograms reappearing. However, the 50-day EMA is still trending upward, providing underlying support for Bitcoin’s price.
Should the market stabilize after the election, Bitcoin could be poised for a significant rally. A Trump victory might further fuel the bull run, while a Harris win could moderate the recovery. Trump’s pro-crypto stance contrasts with Harris, who has recently adopted a crypto-friendly approach, aiming to connect with the 21% of Americans who hold digital assets.
ChatGPT’s Price Prediction: Possible Targets Up to $89K
When presented with the current Bitcoin analysis, ChatGPT identified resistance levels at $68,943 and $73,794. If Trump wins, ChatGPT forecasts a rally to $80,171, with a possible extension up to $89,263.
On the other hand, if Harris wins, ChatGPT suggests Bitcoin might struggle to surpass $73,794, potentially revisiting support levels around $65,827 (50-day EMA) or $63,085 (50% Fibonacci retracement).
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