Key Takeaways
- Bitcoin’s drop to $96,712 has intensified fears of a deeper holiday-season correction.
- We asked ChatGPT and Grok to explore the possibilities.
- CCN analyst Valdrin Tahiri has warned the crypto market could be entering a new bear phase.
Bitcoin’s price dropped below the $98,000 mark on Thursday, sending shockwaves through a market already rattled by accelerating losses across major cryptocurrencies.
The drop, which pulled the world’s largest digital asset to its lowest price level since May, has sparked concerns that Bitcoin could fall further as we head into Christmas.
Is Bitcoin merely flushing out leverage before a fresh push higher, or should traders lock in for more losses before Santa arrives?
To gauge sentiment, we turned to ChatGPT and Grok, and what they told us may shock you.
ChatGPT’s Take:
ChatGPT kept calm despite the market chaos.
“Bitcoin slipping under $98,000 isn’t pretty, but context matters,” it said.
“Corrections like this are normal — even healthy — if the broader structure remains intact.”
The AI argued that Bitcoin’s positioning is stronger than many headlines will suggest.
“Look, markets love drama,” it said.
“But structurally, Bitcoin continues to benefit from institutional flows — plus long-term holders historically love to buy these dips.”
“One ugly red candle doesn’t erase years of adoption,” it said.
Despite its optimism, ChatGPT acknowledged that volatility is likely to persist.
“Could Bitcoin fall further in the short term? Absolutely. Trend breaks always get messy,” it said.
Adding: “But unless we see a complete collapse of demand, I’m not ready to write the obituary for this cycle just yet.”
Grok’s Verdict
Grok, never shy about throwing shade, didn’t mince words with its pessimism.
“Bitcoin didn’t just ‘dip.’ It face-planted,” it said. “People expecting an instant V-shaped recovery might want to drink a glass of reality.”
Grok argued that traders often ignore warning signs for weeks to “delude themselves” into thinking positivity is around the corner.
“The charts have probably been screaming ‘slow down’ for months while everyone was chanting ‘to the moon,’” it said.
“Now that the market’s doing what it always does, everyone is suddenly surprised? Give me a break.”
Grok doubled down further on its skepticism and fired shots at hopeful analysts.
“Sure, Bitcoin has survived far worse. But hoping it magically snaps back above $110,000 next week? That’s not analysis — that’s fan fiction.”
CCN’s Reality Check
According to CCN analyst Valdrin Tahiri, Bitcoin’s latest slide fits a much darker technical picture.
“Bitcoin is leading the crypto market crash,” Tahiri noted, calling today’s low of $96,712 a “critical breakdown” and the clearest signal yet that the cycle has peaked.
The broader crypto market may be headed for further losses, with total market capitalization potentially sliding to $2.92 trillion and even $2.50 trillion before any meaningful recovery takes shape, Tahiri said.
A Completed Five-Wave Pattern
Tahiri highlighted that Bitcoin’s price action since 2022 has closely mirrored the broader crypto market cap:
- Both completed a five-wave upward structure from late 2022
- Bitcoin has now broken down from an ascending wedge, signaling the pattern’s exhaustion
- The move marks the end of a multi-year diagonal uptrend
Bear Market Beginning
Relative to the rest of the crypto market, Tahiri said Bitcoin is still in its early stages of the crash.
“If Bitcoin continues to decline, the next closest support level will be between $57,600 and $70,600, representing another decrease,” he wrote.
Tahiri said that the breakdowns, divergences, and failed support levels all indicate that the current cycle has “likely peaked.”
“The crypto market has crashed much harder than Bitcoin,” he wrote.
“If the latter accelerates its decline, the rest of the market could quickly plunge.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
