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Bitcoin Price Prediction as BTC Bounces at Long Time Support – Time to Buy?

Simon Chandler
Last updated: | 3 min read
Bitcoin Price Prediction - Source: Tradingview
Bitcoin Price Prediction - Source: Tradingview

BTC has dipped by 0.5% in the past 24 hours, with the Bitcoin price touching $65,617 on a day when the crypto market as a whole has fallen by 2%.

The original cryptocurrency has now lost 2.5% in the last seven days, as well as 5% in the past fortnight, following a recent loss of momentum as the Fed pushed back rate cuts last week.

However, BTC also holds onto a 146% gain in the past year, with the start of 2024 seeing it rally vigorously as ETF demand boosted its price.

And given that it has bounced off its $64,500 support level early this morning, it could be about to make a strong comeback very soon.

Bitcoin Price Bounces at Long Time Support – Time to Buy?

As BTC’s chart and indicators show, the coin looks like it’s beginning to bounce after reaching a bottom.

For instance, its relative strength index (purple) has risen back up to 50 after dropping below 40 this morning, a sign of incoming momentum.

Bitcoin price chart.
Source: TradingView

And given that the RSI has spent much of the past week below 50, it would seem to be about time that Bitcoin enjoyed a rebound.

The 30-day moving average (orange) suggests something similar, in that it has also been below the 200-day average (blue) for the last seven days.

In other words, the market has seemingly oversold BTC, which has bounced up from its long-term support level (green) this morning.

All signs are therefore pointing to renewed growth for Bitcoin, with the cryptocurrency also witnessing some big buys in the past day or so.

Whales are clearly taking advantage of what seems like a big discount, with their accumulation implying that they expect a strong recovery sooner or later.

Such a recovery is likely to come with the general market, which will find support as and when the first Ethereum ETFs launch.

This could happen in the next few weeks, pushing up not only the ETH price, but also demand for cryptocurrencies across the board.

And as the ongoing market leader, BTC will also see a lift soon enough.

Other factors helping the Bitcoin price will be the introduction of rate cuts, with several central banks already beginning to cut their rates in the past few weeks.

The Federal Reserve may do the same by the winter, something which would boost demand for assets such as Bitcoin.

As such, the Bitcoin price could return to $70,000 by the end of the summer, and $80,000 by the New Year.

Diversification into High-Potential Presale Tokens

While pretty much every cryptocurrency investor is advised to have some BTC in their portfolios, it may also be a good idea to diversify into smaller cap tokens.

This can help increase a trader’s exposure to potential upside, with several presale coins looking very promising right now.

One of the most exciting new presales belongs to 99Bitcoins (99BTC), an ERC-20 coin that will serve as the native, learn-to-earn token of the 99Bitcoins website and ecosystem.

Launched in 2013, 99Bitcoins provides beginner and intermediate traders with learning resources and trading tools, with its name being one of the most recognised in the cryptocurrency space.

It opened the presale for its very own token a couple of months ago, and has already raised just over $2.2 million.

This provides a very strong sign of interest in 99BTC, which will have strong utility within the 99Bitcoins platform and website, serving to pay for services and other features.

As a token, it will appropriately enough have a max supply of 99 billion, with the presale receiving 15% of this supply.

99BTC token metrics.
Source: 99Bitcoins

What’s also interesting about 99Bitcoins is that, after launching on Ethereum, it will bridge to the Bitcoin blockchain itself, with pre-existing holders able to convert their tokens to BRC-20 equivalents.

This will give the token greater utility and accessibility, and in turn should help drive up adoption, as well as its price.

99BTC’s sale will end in the next few weeks, but investors can still join by going to the 99Bitcoins website, where 1 99BTC costs $0.00109.

Buy 99BTC Today

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.