As the political scene in the United States evolves, cryptocurrencies, especially with regard to regulation, have become key talking points in the presidential campaign.
In recent years, the growing prominence of cryptocurrencies in the political world has highlighted the importance of the sector in the financial world in general. Notably, in the run-up to the November 5 US elections, former President Donald Trump expressed his desire to support Bitcoin (BTC) if re-elected.
For example, Trump has announced his 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 been in dialogue with crypto industry players on policy issues.
Amid these political developments, the focus remains on the impact the cryptocurrency sector, particularly the premier cryptocurrency, could have. Therefore, the impact will likely be visible in Bitcoin’s performance after the election.
ChatGPT-4o Predicts Bitcoin Price
To determine how Bitcoin will perform after the polls, Finbold turned to OpenAI’s most advanced and latest 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 increase in its price, driven by favorable regulatory developments. Such conditions would likely boost investor confidence, attracting more institutional investment.
Continued growth in institutional adoption, where large corporations and financial institutions integrate Bitcoin into their wallets and services, could further drive demand and prices, as ChatGPT-4o predicts.
Additionally, a stable economy after the election and an increase in disposable income could boost investment in assets like Bitcoin. Ongoing inflation fears could also prompt investors to view Bitcoin as a hedge against currency devaluation, which could increase its value.
With this optimistic outlook, ChatGPT’s price target for Bitcoin is between $80,000 and $100,000.
Conversely, in a bearish scenario, the price of Bitcoin could decline due to strict regulatory measures imposed by the new administration or bans on cryptocurrency trading. A post-election economic slowdown could decrease investment in high-risk assets such as Bitcoin, putting downward pressure on its price.
The AI platform also noted that decreasing interest from retail investors, market saturation, or a shift 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 worst-case scenario.
Bitcoin Price Analysis
Since the last update, Bitcoin has posted marginal gains of nearly 1% over the past 24 hours, trading at $61,590. However, on the weekly chart, Bitcoin has retraced from its high above $66,000, reflecting a decline of over 5% in a week.
Recently, Bitcoin has been in a bearish trend, meeting notable resistance around $65,080 and finding support in the $60,000-$61,000 range. These levels are crucial in determining Bitcoin’s short-term direction.
