Bitcoin Price Prediction: BTC Rebounds at Long-Time Support – Is it Time to Buy?
Bitcoin (BTC) has experienced a slight dip of 0.5% in the past 24 hours, with the price touching $65,617. This drop occurred on a day when the entire crypto market fell by 2%. Over the last seven days, BTC has lost 2.5%, and in the past two weeks, it has dropped by 5%. This loss of momentum can be attributed to the Federal Reserve’s decision to postpone rate cuts last week.
Despite these recent setbacks, BTC still boasts a 146% gain over the past year. The start of 2024 witnessed a vigorous rally due to increased demand for ETFs, which boosted the price of Bitcoin. Moreover, BTC has bounced off its support level of $64,500 early this morning, indicating a potential strong comeback in the near future.
Analyzing BTC’s chart and indicators, it appears that the cryptocurrency is beginning to bounce back after reaching a bottom. The relative strength index (RSI) has risen back up to 50 from below 40, signaling incoming momentum. With the RSI spending most of the past week below 50, it seems that Bitcoin is due for a rebound.
The 30-day moving average also suggests a similar trend, as it has been below the 200-day average for the last seven days. This indicates that the market has oversold BTC, which has now bounced back from its long-term support level.
All signs point to renewed growth for Bitcoin, especially as whales are taking advantage of the discounted prices and accumulating BTC. This accumulation implies that they expect a strong recovery in the near future. Additionally, the launch of the first Ethereum ETFs in the coming weeks is expected to support the overall market, increasing demand for cryptocurrencies and benefiting Bitcoin as the market leader.
Other factors that will contribute to the rise of the Bitcoin price include rate cuts implemented by central banks in recent weeks. The Federal Reserve may follow suit by winter, further boosting demand for assets like Bitcoin. As a result, the Bitcoin price could reach $70,000 by the end of summer and $80,000 by the New Year.
Diversification into high-potential presale tokens is also recommended for cryptocurrency investors. While holding BTC in portfolios is advised, diversifying into smaller cap tokens can increase exposure to potential upside. One such promising presale token is 99Bitcoins (99BTC), an ERC-20 coin that serves as the native token for the 99Bitcoins website and ecosystem.
99Bitcoins, established in 2013, offers learning resources and trading tools for beginner and intermediate traders. The presale for 99BTC, which has already raised over $2.2 million, provides strong evidence of interest in the token. With a max supply of 99 billion, the token will have strong utility within the 99Bitcoins platform and website.
Notably, 99Bitcoins will bridge to the Bitcoin blockchain after launching on Ethereum. This feature allows pre-existing token holders to convert their tokens to BRC-20 equivalents, enhancing utility and accessibility and driving up adoption and price.
Investors can still participate in the 99BTC sale by visiting the 99Bitcoins website, where one 99BTC token costs $0.00109.
Please note that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and not investment advice. There is a possibility of losing all invested capital.