
Jakarta, Pintu News â The continued decline in the price of Bitcoin, coupled with the overall crypto market dropping 17% from its record high, has made the mood in the digital asset world gloomy as we enter November.
While some investors consider this decline a healthy correction, others warn that the current situation indicates a danger signal â a bigger crash could be on the horizon.
Is the crypto market heading for another brutal crypto winter? We asked ChatGPT and Grok to give us their views.
ChatGPT is not overly optimistic about the current market conditions.
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âThe crypto market is showing classic signs of exhaustion,â he said.
The AI highlighted structural weaknesses in the declining global risk appetite.
When asked if this could be the start of a new crypto winter, ChatGPT gave a fairly balanced answer:
âWhile we may not experience a full winter like 2022, a prolonged consolidation phase is likely.â
Grok, Elon Muskâs AI chatbot, immediately gave a blunt comment.
âCalling it âcrypto winterâ every time there is a price drop is like saying summer is over just because of one rainy day,â he quipped.
He added, âCrypto traders have the emotions of a toddler who is down after eating too much sugar.â
However, Grok is also not convinced that the Bitcoin problem is solved.
âLetâs be honest â the market looks tired. Everyone is pretending to âbuy the dipâ, when in reality theyâre just refreshing the price charts while trying to avoid reality,â he said sarcastically.
He adds that while this pain may continue, the point of capitulation may not be far away.
âBig corrections are part of the game,â he explains. âAs long as the total market capitalization doesnât actually break the support level, it canât be called a new winter yet â itâs just crypto catching its breath.â
And with a touch of optimism at the end:
âIt looks bad. But sometimes the ugliest charts make the greatest comebacks.â
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As of November 3, Bitcoin price stands at $107,604, down 2.4% in 24 hours. The total crypto market capitalization stands at around $3.58 trillion, holding at a crucial support zone that could determine the direction of the next major trend.
According to CCN website analyst Valdrin Tahiri, the warning signs are very clear:
âIf the total crypto market capitalization drops significantly below $3.55 trillion, it will be a confirmation that the bull cycle has peaked and a long-term correction phase has begun.â
Tahiri also added that a drop like this could have a huge impact on both Bitcoin and altcoins.
âBitcoin could plummet to the $85,000 range, while altcoins may fall more sharply â breaking the long-term corrective pattern that has been in place for several years,â he explains.
Unless the bulls are able to reverse the trend in the near future, Tahiri warned that âcrypto traders are likely to face further losses until the end of this year.â
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*Disclaimer
This content aims to enrich readersâ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an assetâs past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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