AI Predicts Bitcoin (BTC) Price Will Edge Higher on May 1, Possibly Trading Above $90,000

Bitcoin (BTC) remains in a consolidation phase, and breaching the $85,000 resistance has emerged as a key target for investors.

Bitcoin (BTC) is known for its volatility, and predicting its price movements can be a challenging task. However, two AI models, ChatGPT and xAI’s Grok, have attempted to provide an outlook on where Bitcoin might trade by May 1.

ChatGPT, created by OpenAI, is a large language model capable of generating human-like text in response to a wide range of prompts and questions. On the other hand, Grok is a new AI chatbot launched by billionaire Elon Musk’s startup xAI. Both models are still under development and learning to perform diverse tasks.

ChatGPT predicts 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 next key resistance is anticipated 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.

On the other hand, 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.

According to cryptocurrency analyst Ali Martinez, Bitcoin’s key support is currently 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.

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.