The cryptocurrency market is experiencing a serious decline today. Especially Bitcoin (BTC)’s fall below the critical support level of $40,000 created an atmosphere of anxiety in the market.
The approval of Bitcoin ETFs was expected to increase bullish sentiment in the market. However, the fact that this expectation was not met and did not react significantly to the bullish sentiments seems to have fueled the bearish sentiment in the market.
Finbold turned to Google Bard for its predictions on Bitcoin’s potential trajectory.
The AI’s analysis suggested several possibilities, with bearish and bullish factors influencing Bitcoin’s next move.
Bitcoin Price Prediction from Google Bard
Koinfinans.com As we reported, according to artificial intelligence, factors such as ongoing inflation, rising interest rates and increased regulations may reduce investor confidence. This situation may lead to further decline. In addition, artificial intelligence has attracted the attention of investors. EthereumHe claims that if it moves towards (ETH), Bitcoin may also be affected by this.
In this vein, the AI tool stated that the combination of these factors could potentially push Bitcoin to the mid-$30,000s or even lower.
On the other hand, artificial intelligence revealed potential catalysts that will enable BTC to recover. The Bitcoin halving, which will take place in April, may trigger an increase in demand and a price recovery. Additionally, increased institutional adoption and positive news developments could reignite a bull run. This could potentially push Bitcoin towards its all-time high, possibly $68,000.
Meanwhile, Bard highlighted the potential impact of both bulls and bears struggling to control BTC. In this scenario, the AI predicted a neutral price fluctuation in the $35,000-$45,000 range for most of the year.
It is worth noting that a section of the market has argued that Bitcoin may be susceptible to further declines after losing the $40,000 support. At the same time, this drop appears to be in line with reports showing that whales have accelerated their exit from Bitcoin over the past two weeks, dumping almost $3 billion worth of BTC.
With the failure of ETFs to act as significant catalysts in the short term, attention has turned to the halving event, which has historically been considered a significant bullish catalyst.
Bitcoin Price Analysis
At the time of writing, BTC has fallen below the $39,000 level. On the daily chart, Bitcoin is trading at $38,961, down 4%.
In the short term, bulls and bears are the focal point of the market. In this context, it is eagerly awaited who will prevail in bringing Bitcoin closer to or further from $40,000.