The market is on a bullish treadmill as Bitcoin prices weather the massive supply wave that began last month. With BTC price passing the $67,000 threshold, sideline traders are predicting a significant rally in the coming months.
The rally reflects the post-halving rally that began with Bitcoin poised to hit new all-time highs in May of this year. Will the bullish trend in the largest cryptocurrency reach the psychological milestone of $100,000? Is this the first step for Bitcoin to reach the $1 million mark?
Let’s take a look at BTC price analysis for a deeper understanding. We also asked the latest ChatGPT 4o model to predict the bull market and how high Bitcoin prices will rise in Q2 2024.
Bitcoin price analysis
Up nearly 10% over the past seven days, BTC price has hit new highs, reflecting a significant surge in underlying demand. Additionally, the daily chart shows that the recovery rally is poised to challenge the overhead resistance trend line. A trendline breakout rally signals the end of Bitcoin's rebound phase.
Currently, BTC price is trading at $67,217, up 2.76% overnight to regain the $67,000 mark. Furthermore, the bullish crossover of the VI line and the rise in ADX confirm the possibility of a bull market.
According to trend-based Fibonacci levels, if the momentum continues, the Bitcoin moonshot could easily reach the $100,000 milestone this year, although it only managed to get the $77,842 mark or the 50% Fibonacci level in the second quarter.
To make more accurate predictions, we asked the latest ChatGPT model to predict how high Bitcoin's rally will reach in Q2 2024.
ChatGPT predicts Bitcoin to reach $87,000 in Q2 2024!
With a bull market underway, ChatGPT's forecast was expected to be bullish. However, this analysis exceeded our bullish predictions and moved much closer to $100,000.
AI predicts a bullish scenario is more likely as there is a bearish possibility of a fall to $57,000. According to ChatGPT, BTC price could reach the $87,613 level by the end of June as the post-halving rally gains momentum.
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