Bitcoin Price Prediction: BTC Rebounds at Long-Term Support – Is it Time to Buy?
Bitcoin (BTC) has experienced a slight dip of 0.5% in the past 24 hours, with the price reaching $65,617. This decline comes as the overall crypto market has fallen by 2%. Over the past week, BTC has lost 2.5%, and over the past two weeks, it has seen a 5% decline. This loss of momentum can be attributed to the Federal Reserve’s decision to delay rate cuts last week.
Despite these recent losses, BTC has still gained an impressive 146% over the past year. The beginning of 2024 saw a strong rally in BTC’s price due to increased demand for ETFs. Furthermore, BTC has bounced off its support level of $64,500 early this morning, indicating a potential strong comeback in the near future.
Looking at BTC’s chart and indicators, it appears that the coin is starting to bounce back after reaching a bottom. The relative strength index (RSI) has risen back up to 50 after dropping below 40 earlier today, indicating incoming momentum. This is a positive sign, considering that the RSI has been below 50 for most of the past week.
The 30-day moving average also suggests a similar trend, as it has been below the 200-day average for the past seven days. This overselling of BTC in the market has led to a bounce from its long-term support level.
All signs point to renewed growth for Bitcoin, especially as whales have been accumulating BTC at a discounted price, indicating their expectation of a strong recovery. Additionally, the launch of the first Ethereum ETFs in the coming weeks is expected to support the overall market and increase demand for cryptocurrencies, including BTC.
Other factors that will contribute to the rise in the Bitcoin price include rate cuts by central banks, with several already implementing cuts in recent weeks. If the Federal Reserve follows suit by winter, it will further boost the demand for assets like Bitcoin. As a result, it is predicted that the Bitcoin price could reach $70,000 by the end of the summer and $80,000 by the New Year.
Diversification into high-potential presale tokens is also recommended for cryptocurrency investors. While BTC should still be a part of their portfolios, adding smaller cap tokens can increase exposure to potential upside. One such promising presale token is 99Bitcoins (99BTC), which serves as the native token for the 99Bitcoins website and ecosystem.
99Bitcoins, launched in 2013, is a well-known name in the cryptocurrency space, providing learning resources and trading tools for beginner and intermediate traders. Its presale for the 99BTC token has already raised over $2.2 million, indicating strong interest and utility within the platform.
What sets 99Bitcoins apart is its plan to bridge to the Bitcoin blockchain, allowing pre-existing holders to convert their tokens to BRC-20 equivalents. This will enhance the token’s utility and accessibility, driving up adoption and its price.
The 99BTC presale will end in the next few weeks, and interested investors can still participate by visiting the 99Bitcoins website, where 1 99BTC costs $0.00109.
Please note that cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. There is a risk of losing all capital invested.
