Analyst Dan Gambardello has highlighted a projection from OpenAI’s ChatGPT concerning the precise date Bitcoin could hit a new ATH post-U.S. election.
Bitcoin is showing signs of breaking past the $68,000 mark, maintaining a bullish trend as it edges closer to a new all-time high (ATH). Analysts have identified a pattern that aligns Bitcoin’s price trajectory with U.S. election cycles, suggesting that the crypto could rally as November 5 approaches. Specifically, a recent analysis by Dan Gambardello emphasizes this connection.
How Election Cycles Historically Drive Bitcoin Parabolic
Bitcoin’s historical performance has often coincided with U.S. election periods, creating a predictable trend. Gambardello’s analysis explores this, detailing how Bitcoin reached ATHs in previous cycles.
According to the analyst, Bitcoin surged by 194% over 115 days from the election date in 2012. Similarly, in 2016, it took 118 days for Bitcoin to climb 79%. The pattern was faster in 2020, with a 44% rise in just 41 days. This pattern suggests Bitcoin’s movements may repeat in the upcoming election period.
Gambardello leveraged AI to further support this notion. When asked, ChatGPT estimated that if Bitcoin is 8% below its ATH by November 5, it could take between 5 to 12 days to break its previous record.
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Bitcoin Fractals Align with Predictions
The analysis also introduces a fractal pattern forecasting Bitcoin’s behavior in the coming weeks. According to this visualization, Bitcoin could initially rally to $72,000, followed by a slight pullback to $69,000 before surging to $78,000.
This aligns with the anticipated election-induced price increase. Notably, Gambardello’s projection incorporates potential volatility, considering the current momentum indicators, like the stochastic RSI, which indicate possible downside movements before Bitcoin rallies past its ATH. The short-term dip could form a higher low, a common precursor to new highs.
Standard Chartered Bank Predicts $125K Post-Elect
Separately, Geoff Kendrick from Standard Chartered Bank projects Bitcoin could hit $125,000 by year-end if Donald Trump secures victory in the U.S. election.
Kendrick’s analysis links Bitcoin’s price movements to trading patterns associated with Trump, leveraging daily BTC volatility and key strike levels. Additionally, his report anticipates that Bitcoin will reach approximately $73,000 by Election Day.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/28/ai-predicts-exact-date-for-bitcoin-to-hit-new-ath/?utm_source=rss&utm_medium=rss&utm_campaign=ai-predicts-exact-date-for-bitcoin-to-hit-new-ath