ChatGPT4o forecasts Bitcoin price before Junes FOMC meeting
Bitcoin (BTC) has been trading within a narrow range since February, currently hovering around $69,370, as traders eagerly anticipate the upcoming Federal Open Market Committee (FOMC) meeting on June 12 to determine the Federal Reserve’s interest rate target.
The FOMC meetings and interest rate decisions have historically played a significant role in influencing the price of Bitcoin. To provide some insight into what to expect ahead of the June 12 meeting, Finbold conducted a technical analysis and finance market projections review for ChatGPT-4o regarding BTC’s price prediction.
According to OpenAI’s advanced artificial intelligence model, Bitcoin is expected to trade between $68,000 and $73,000 in the near future. However, if there is a rate cut or any indications of a potential cut, BTC could potentially break above this range. ChatGPT-4o’s forecast suggests that Bitcoin could reach anywhere between $73,000 and $75,000, or even surpass this range in an unlikely economic scenario.
In terms of trading opportunities, Bitcoin has been moving within a well-defined range since late February, fluctuating between $60,000 and $72,000. These price levels serve as crucial support and resistance points for traders and investors.
Despite occasional deviations, with Bitcoin hitting an all-time high of $73,805 in mid-March and experiencing a flash crash to $56,590 in early May, the cryptocurrency has recently maintained a tighter range between $66,000 and $72,000. Some traders view these levels as both ideal entry points and high-risk opportunities for speculation.
As the June FOMC meeting approaches, the finance market shows that 97.8% of participants expect interest rates to remain unchanged at 525-550 basis points. This data, retrieved from CME FedWatch on June 9, indicates a high level of confidence in the current interest rate scenario.
Looking back at historical data, the expectations regarding interest rates have shifted over the past four months. This suggests that Bitcoin’s current range may have been influenced by previous FOMC decisions. Therefore, the upcoming meeting in June could potentially have a significant impact on Bitcoin’s price movements.
Investors and traders should exercise caution this week, as analysts anticipate heightened volatility in the market leading up to the Federal Reserve meeting. It is important to note that the content provided in this article should not be considered as investment advice, as investing in cryptocurrencies is speculative and carries inherent risks.
