Bitcoin (BTC) remains in a consolidation phase, and breaching the $85,000 resistance has emerged as a key target for investors.
Amid this market sentiment, two artificial intelligence (AI) models are projecting that the maiden digital currency is likely to edge higher on May 1 and possibly trade slightly above the $90,000 mark.
Overall, insights from OpenAI’s ChatGPT and xAI’s Grok present a cautiously optimistic outlook for Bitcoin.
AI predicts Bitcoin price
ChatGPT predicted that Bitcoin will trade between $91,000 and $96,000 by the beginning of May. The model cited continued momentum from Bitcoin’s April 2024 halving, which has historically triggered multi-month rallies. It also highlighted sustained institutional interest, particularly through spot Bitcoin ETFs, which continue to absorb supply during market dips.
According to ChatGPT, the technical setup remains bullish following Bitcoin’s recent breakout above $80,000.
The AI tool suggested the next key resistance lies between $90,000 and $95,000, making a short-term rally toward that range plausible. ChatGPT sees the “path of least resistance” as upward unless an unforeseen regulatory or macroeconomic event derails the current trend.
Conversely, Grok provided a slightly more conservative outlook, projecting that Bitcoin will trade between $88,000 and $92,000 on May 1.
The model highlighted that Bitcoin’s technical indicators remain favorable. With a neutral Relative Strength Index (RSI) and bullish moving averages, there appears to be room for further upside without the immediate risk of a sharp correction.
Additionally, Grok identified strong support between $80,000 and $82,000, while resistance near the $100,000 level could limit short-term gains.
Supporting this view, cryptocurrency analyst Ali Martinez noted in an X post on April 12 that Bitcoin’s key support currently stands at $82,690. At current price levels, approximately 1.98 million addresses holding 2.42 million BTC are in profit, within the $82,690 to $95,620 range, indicating robust buying interest in this zone.
However, Martinez also flagged significant resistance at $95,620, where 1.66 million addresses holding 1.66 million BTC are currently in the red.
This level could prove to be a major hurdle for bullish momentum. Therefore, a decisive break above $95,620 may act as a catalyst for renewed upward pressure, potentially propelling Bitcoin toward the psychological $100,000 mark.
Bitcoin price analysis
At the time of writing, Bitcoin was trading at $84,317, down approximately 1.3% over the last 24 hours. On the weekly timeframe, the asset has posted modest gains of approximately 0.8%.
At the current valuation, Bitcoin is trading slightly below its 50-day simple moving average (SMA) of $84,786 and notably under its 200-day SMA of $86,407, suggesting short-term weakness relative to its longer-term trend. Market sentiment is neutral, but the Fear & Greed Index sits at 37 (Fear), reflecting cautious investor sentiment.
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