ChatGPT4o Forecasts Bitcoin Price Before Junes FOMC Meeting
Bitcoin (BTC) has been trading within a narrow range since February, currently standing at $69,370, as the cryptocurrency community eagerly anticipates the Federal Open Market Committee (FOMC) meeting on June 12 to establish the Federal Reserve’s interest rate target.
Historically, decisions made during FOMC meetings regarding interest rates have had a significant impact on the price of Bitcoin. Finbold provided technical analysis and financial market projections to ChatGPT-4o for a BTC price forecast leading up to June 12.
In this context, OpenAI’s leading artificial intelligence model predicts that Bitcoin will fluctuate between $68,000 and $73,000. Nevertheless, any indications of a rate cut could potentially push BTC above this range. ChatGPT-4o’s prediction places the primary cryptocurrency between $73,000 and $75,000 or even higher in the event of an improbable economic scenario.
Bitcoin Price Analysis
Bitcoin has been trading within a well-defined range since late February, oscillating between $60,000 and $72,000, which serve as crucial support and resistance levels for traders and investors.
During this period, BTC has briefly deviated from this range on two occasions—once in mid-March reaching an all-time high of $73,805, and again in early May experiencing a flash crash to $56,590.
More recently, the so-called “digital gold” has maintained a tighter range between $66,000 and $72,000. A prominent cryptocurrency trader views these levels as both optimal entry points and high-risk opportunities for BTC speculators.
Interest Rate Targets for June’s FOMC Meeting
Interestingly, 97.8% of the financial market anticipates that interest rates will remain unchanged at 525-550 basis points for the upcoming FOMC meeting in June. On May 9, there was a slightly less bearish sentiment, with 8.4% expecting a cut to 500-525 bps. This data was sourced from CME FedWatch on June 9.
Moreover, historical data indicates a shift in economic expectations over the past four months as Bitcoin entered its current trading range. In February, only 1.45% of the market foresaw interest rates remaining at 525-550 bps for the June meeting.
By April, the expectation ratio had shifted to 42% to 56% for 525-550 bps and 500-525 bps, respectively, with just 2% expecting rates to fall to 475-500 bps for the June FOMC meeting.
As a result, the current range of Bitcoin could be directly influenced by the consistent interest rate decisions made during previous FOMC meetings. Given this context, the upcoming FOMC meeting in June is likely to have a significant impact on the movement of BTC. Investors and traders should exercise caution this week, as analysts anticipate heightened volatility leading up to the Federal Reserve meeting.
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