We Asked 3 AIs: Will Bitcoin (BTC) Reach a New Price Record This ‘Uptober’?

Bitcoin has started October on the right foot (just like many expected), and now the question is whether it can hit a new all-time high before the month is over. In this article, we ask three of the most popular AI-powered chatbots about their take on the matter. What Would Fuel Such a Pump? ChatGPT claimed there is a reasonable probability, pointing out that October (often called “Uptober” across the crypto community) is among the strongest months for Bitcoin. “This seasonality, combined with institutional inflows (spot ETFs, long-term holders accumulating), creates a favorable backdrop,” it said. The chatbot added that the primary cryptocurrency will have a better chance to tap a new ATH if the macro uncertainty in the US (caused by the government shutdown) persists. According to some analysts, the ongoing issues in America may cause panic among investors and prompt them to seek alternative assets, such as BTC. Grok, the chatbot built into the social media platform X, estimated that the probability of that outcome is around 65-75% based on historical data, technical indicators, and sentiment. It reminded that the Federal Reserve is expected to lower interest rates once again towards the end of the month, which could increase interest in riskier assets and positively impact the leader in the crypto sector. The FOMC meeting is scheduled to take place on October 29, and according to Polymarket, the odds of lowering the benchmark are set at 90%. Fed Decision in October, Source: Polymarket Perplexity believes BTC’s valuation could hover between $115,000 and $127,500 throughout the ongoing month. Nonetheless, it warned that after the potential peak, the price might slightly decline in November and December. Beware of These Setbacks Despite the huge enthusiasm across social media platforms and the optimistic predictions made by the aforementioned chatbots, investors should remain alert for another short-term correction. Bitcoin’s Relative Strength Index (RSI), for instance, has spiked above 80 for the first time since mid-July. Readings beyond 70 typically suggest that the asset is overbought and may be due for a pullback, whereas anything below 30 is considered bullish territory. BTC RSI, Source: CryptoWaves Next on the list is BTC’s Fear and Greed Index, which tracks several factors, including trading activity, online buzz, price swings, and search trends, to present the current investor sentiment. Today (October 2), the metric entered “greed” territory with a ratio of 64, which is the highest point observed in the past seven weeks. BTC Fear and Greed, Source: alternative.me While this might sound like a positive sign, some market participants use it as a contrarian signal. In other words, they follow Warren Buffett’s famous advice that people should act cautiously when greed dominates and act boldly when fear prevails. The post We Asked 3 AIs: Will Bitcoin (BTC) Reach a New Price Record This ‘Uptober’? appeared first on CryptoPotato .