The post ChatGPT-4o sets Bitcoin price as Mt. Gox set to dump $9 billion BTC appeared on BitcoinEthereumNews.com.

Bitcoin’s (BTC) current struggle with bearish sentiments is likely to intensify as the market anticipates a possible influx of capital. Specifically, the market expects a dump of Bitcoin worth approximately $9 billion as the defunct crypto exchange Mt. Gox plans to make repayments starting in July 2024. These long-awaited repayments mark the end of a decade-long ordeal for creditors since Mt. Gox ceased operations on February 24, 2014, following a hacking incident.  At its peak, the exchange handled over 70% of all Bitcoin transactions worldwide, but it halted trading and went offline, leading to significant financial losses for many investors. The repayment process will also involve approximately $50.8 million in Bitcoin Cash. To put the significance of the amount into context, Bloomberg senior ETF analyst Eric Balchunas noted that it was equivalent to over half of all exchange-traded fund inflows being negated in one shot. Mt.Gox’s impact on Bitcoin’s price  Indeed, the offloading of such an amount of Bitcoin in the market could impact the price of Bitcoin, which is already facing bearish pressure.  In this context, if Mt. Gox repayments will have a negative impact, Finbold consulted OpenAI’s latest and most advanced artificial intelligence tool, ChatGPT-4o, to gather insights on how low Bitcoin can go in such an event. In predicting the next Bitcoin low, the AI tool reviewed elements such as technical analysis of historical price patterns, support and resistance levels, and moving averages. According to ChatGPT-4o, broader economic indicators, regulatory news, and trends in financial markets could further influence Bitcoin’s price trajectory. ChatGPT-4o Bitcoin price prediction  Given the bearish outlook and the potential market impact of the Mt. Gox repayments, ChatGPT-4o anticipates downward pressure on Bitcoin prices in the near term. The AI platform noted that key support levels to monitor include $58,000 to $60,000, a psychological…

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Filed under: News - @ June 24, 2024 2:24 pm