Bitcoin Price Forecast: BTC Stabilizes at Support – Anticipating the Next Bull Run?
Bitcoin’s price has dipped by 0.5% over the last 24 hours, standing at $66,155, representing a 0.7% decrease in the past hour as well. The broader cryptocurrency market is down by 0.5% today, with BTC experiencing a 4.5% drop in the past week. Despite this, the leading cryptocurrency has seen a remarkable 148% increase over the past year, largely due to the introduction of various Bitcoin ETFs in January. Given its historical tendency to lead market upswings, the next upward movement should be imminent.
Bitcoin Price Stabilizes at Support – When Will the Next Bull Run Begin?
Bitcoin has faced challenges since June 7, when its price plummeted from around $71,000 to $69,000. Since then, it has continued to decline, reaching $66,000 today with signs of weak momentum. The relative strength index (RSI) has fallen to 40, spending most of the past two weeks below 50. Additionally, BTC’s 30-day moving average remains below the 200-day moving average, suggesting a potential price recovery in the near future.
However, the support level for Bitcoin has been steadily decreasing, along with the resistance level, indicating that whales may be looking to offload BTC. Despite this, the coin’s current value remains significantly higher than a few months ago, let alone a year ago, indicating a long-term upward trend. A market oversold condition, combined with the anticipated launch of the first Ethereum ETFs in the coming weeks, could catalyze a market-wide rally, boosting BTC’s price.
As the year progresses, the market is expected to see more activity, particularly with the Federal Reserve likely to implement a rate cut by September. This move could attract more institutional investors to BTC ETFs, further driving up Bitcoin’s price. Predictions suggest that it could surpass $70,000 by the end of summer and potentially reach $80,000 by the end of 2024.
Diversification with High-Potential Meme Tokens
While BTC remains a safe investment option, traders seeking short-term gains may consider diversifying into newer altcoins, including meme tokens. Base Dawgz (DAWGZ), a multi-chain cryptocurrency, has raised over $1.5 million in its recent presale, offering exposure across multiple networks such as Ethereum, Base, Solana, Avalanche, and BNB Chain. With a unique meme-inspired branding featuring the Shiba Inu dog, DAWGZ aims to capture investor interest and drive price growth upon launch.
With a maximum token supply of 8.453 billion DAWGZ and a staking mechanism for passive income, the coin’s sale aims to raise a minimum of $8 million. The token will initially list on decentralized exchanges (DEXes) and later on centralized exchanges (CEXes). Interested investors can participate in the presale through the official Base Dawgz website, with each DAWGZ currently priced at $0.00502. Despite the initial price, DAWGZ is expected to surge post-listing.
Disclaimer: Cryptocurrency investments are high-risk and speculative. This article serves as informational content and not financial advice. Investors should be aware of the risks involved and the potential loss of capital.