We Asked 3 AIs: Will Bitcoin (BTC) Reach a New Price Record This ‘Uptober’?
Bitcoin has began October on the appropriate foot (similar to many anticipated), and now the query is whether or not it will probably hit a new all-time high earlier than the month is over. In this text, we ask three of the most well-liked AI-powered chatbots about their tackle the matter.
What Would Fuel Such a Pump?
ChatGPT claimed there’s a affordable chance, mentioning that October (typically referred to as “Uptober” throughout the crypto neighborhood) is among the many strongest months for Bitcoin.
“This seasonality, mixed with institutional inflows (spot ETFs, long-term holders accumulating), creates a favorable backdrop,” it mentioned.
The chatbot added that the first cryptocurrency may have a higher likelihood to faucet a new ATH if the macro uncertainty within the US (attributable to the federal government shutdown) persists. According to some analysts, the continuing points in America might trigger panic amongst buyers and immediate them to hunt various property, equivalent to BTC.
Grok, the chatbot constructed into the social media platform X, estimated that the chance of that consequence is round 65-75% primarily based on historic information, technical indicators, and sentiment. It reminded that the Federal Reserve is predicted to decrease rates of interest as soon as once more in direction of the top of the month, which may improve curiosity in riskier property and positively influence the chief within the crypto sector.
The FOMC assembly is scheduled to happen on October 29, and based on Polymarket, the percentages of reducing the benchmark are set at 90%.
Perplexity believes BTC’s valuation may hover between $115,000 and $127,500 all through the continuing month. Nonetheless, it warned that after the potential peak, the value may barely decline in November and December.
Beware of These Setbacks
Despite the massive enthusiasm throughout social media platforms and the optimistic predictions made by the aforementioned chatbots, buyers ought to stay alert for an additional short-term correction.
Bitcoin’s Relative Strength Index (RSI), as an illustration, has spiked above 80 for the primary time since mid-July. Readings past 70 sometimes recommend that the asset is overbought and could also be due for a pullback, whereas something beneath 30 is taken into account bullish territory.
Next on the checklist is BTC’s Fear and Greed Index, which tracks a number of components, together with buying and selling exercise, on-line buzz, value swings, and search traits, to current the present investor sentiment. Today (October 2), the metric entered “greed” territory with a ratio of 64, which is the best level noticed up to now seven weeks.
While this may sound like a optimistic signal, some market individuals use it as a contrarian sign. In different phrases, they observe Warren Buffett’s well-known recommendation that individuals ought to act cautiously when greed dominates and act boldly when concern prevails.
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