Bitcoin Price Prediction: BTC Consolidates at Support – Next Move Up Imminent

Bitcoin’s price has dipped slightly by 0.5% in the past 24 hours, bringing it to $66,155, a 0.7% decline over the past hour. Despite this, Bitcoin has seen a remarkable 148% gain over the past year, largely fueled by the launch of several Bitcoin ETFs in January. As the leading cryptocurrency, Bitcoin’s next upward movement is anticipated to happen soon.

Bitcoin Consolidates at Support: When Will the Next Uptrend Begin?

Bitcoin has experienced a challenging period since June 7, dropping from around $71,000 to $69,000 and further down to $66,000 today. The relative strength index (RSI) has fallen to 40, indicating weak momentum, while the 30-day moving average remains below the 200-day moving average, suggesting a potential recovery.

However, the current support level has been steadily declining, indicating that an immediate recovery might not be forthcoming. Whale activity suggests some investors are still taking profits, but Bitcoin’s longer-term upward trend remains intact.

Upcoming market events, such as the launch of spot-based Ethereum ETFs and a potential Federal Reserve rate cut by September, could boost Bitcoin’s price. Projections suggest BTC could reach $70,000 by the end of the summer and potentially $80,000 by the end of 2024.

Diversification with High-Potential Meme Tokens

While Bitcoin remains a stable investment, traders seeking short-term gains might consider diversifying into newer altcoins, including meme tokens. One such token, Base Dawgz (DAWGZ), has gained significant traction, raising over $1.5 million in its presale. Operating on multiple networks, DAWGZ has the potential to attract a broad user base and see steady price growth upon launch.