In the evolving political landscape of the United States, cryptocurrencies have become a hot topic in the presidential campaign, particularly in terms of regulation. Former President Donald Trump has expressed his support for Bitcoin, stating that he would back Bitcoin mining as a defense against central bank digital currencies (CBDCs), which he opposes. On the other hand, President Joe Biden has engaged with industry participants on policy matters.
The impact of these political developments on the cryptocurrency sector, especially on Bitcoin, is being closely watched as the November 5 election approaches. Many are curious to see how Bitcoin will perform post-election.
To predict Bitcoin’s future performance, Finbold turned to OpenAI’s ChatGPT-4o, an advanced artificial intelligence platform. The AI tool offered both bullish and bearish scenarios for Bitcoin’s price.
In a bullish scenario, Bitcoin could experience a significant price increase due to favorable regulatory developments, increased institutional investment, and continued growth in institutional adoption. This optimistic outlook suggests that Bitcoin’s price could range between $80,000 and $100,000.
Conversely, in a bearish scenario, Bitcoin’s price could decline due to stringent regulatory measures, economic downturn post-election, waning investor interest, or security breaches within the Bitcoin network. In this scenario, Bitcoin’s price could range between $30,000 and $40,000.
As of the latest update, Bitcoin has shown marginal gains over the past 24 hours, trading at $61,590. However, on the weekly chart, Bitcoin has retraced from its peak above $66,000, reflecting a decline of over 5% in a week. The cryptocurrency has encountered resistance around $65,080 and found support in the $60,000-$61,000 range, indicating critical levels for its short-term direction.
It’s important to note that the content of this article should not be considered investment advice, as investing in cryptocurrencies is speculative and carries risks.