Bitcoin Price Prediction as BTC Dips Below $70,000 Level – Dip-Buying Opportunity?
BTC has fallen by 1% in the past 24 hours, with the Bitcoin price dropping below $70,000 on a day when the market has lost 2%.
Bitcoin does remain up by 4% in a week, and while it’s down by 3% in the last 30 days, it also sits on a 140% gain in the past year.
And with the market still eagerly anticipating the next halving (April 20), now could be a good time to buy Bitcoin at a slight discount.
It could see a new rally in the next few days, which may peak on the halving, before leading to longer-term gains later in the year.
Bitcoin Price Prediction as BTC Dips Below $70,000 Level – Dip-Buying Opportunity?
The positive thing to say about Bitcoin’s price chart at the moment is that it looks to be in a position where the crypto is ready to bounce back up again.
In particular, BTC’s relative strength index (purple) has risen from just over 20 yesterday to just over 40 today, and while it’s still wobbling, it should recover further soon.
Source: TradingView
Meanwhile, its 30-day average (orange) is falling towards its 200-day (blue), and once it drops below the longer-term average, the coin should begin climbing.
It’s important to note that Bitcoin’s support level (green) is still on an upward trend, even with recent dips, implying that any further falls won’t be major.
It will find support from its trading volume, which remains relatively high at $33 billion, although this is still some way below the $100 billion it hit in early March.
Yet it’s encouraging to note that weekly fund flows to April 8 (according to the latest CoinShares report) remain positive, at $663 million.
As such, there’s really nothing to worry about as far as BTC’s latest dip is concerned, with traders taking profits in the face of a lull in positive news.
Friendly reminder that $BTC reclaimed the Fibonacci Ratio 3 line (4.236) on the monthly chart.
In every previous cycle, this led to a parabolic curve.
The structure is always the same, this time it only happens BEFORE the halving. pic.twitter.com/RjFEBuZ91y
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) April 10, 2024
This is likely to change soon enough, however, with the halving only ten days away now.
While some experts and analysts have predicted a dip before or after the event, the medium- and longer-term trend is likely to be upwards, as the supply of new BTC shrinks.
Combined with a softening of the Federal Reserve’s stance on rates, this development should, therefore help the Bitcoin price reach new years in the coming months.
While it may dip to $68,000 or even $67,000 in the near term, it could hit $80,000 by the summer.
New Low-Cap Alts for Diversification
It almost goes without saying that BTC remains the safest bet in the cryptocurrency market, yet it may not provide the kind of exponential returns some traders crave.
For that, you may have to turn to newer and smaller alts, with a variety of promising presale tokens gaining momentum right now.
A great example of this is Dogeverse (DOGEVERSE), a multi-chain meme token that launched its sale only a few days ago.
Explore the #DOGEVERSE, the first truly multi-chain #Doge #Token, inspired by #Cosmo‘s legendary journeys.
A leap forward in #Blockchain connectivity, uniting diverse #Crypto communities through Doge memes and a vision of a unified ecosystem across multiple chains! pic.twitter.com/8JR3yjJsK4
— DogeVerse (@The_DogeVerse) April 9, 2024
It has already raised just over $900,000, a sign that investors are excited by its plans to be the first ever Doge-themed multi-chain token.
As a multi-chain coin, it will initially run on Ethereum, Polygon and BNB Chain, while soon moving to Solana, Avalanche and Base.
Its existence on multiple chains is highly bullish, in that it provides the coin with greater utility, potentially helping it to become a regularly used token on various networks and dapps.
It will have a capped supply of 200 million tokens, with 15% of this going to its presale and 10% going to staking (50% to project funds and marketing, 15% to liquidity/exchanges, and 10% to its community).
And given that it enables staking, it may experience supply squeezes that push up its price over time.
In conjunction with the use of ever-dependable Doge memes, such features should mean that DOGEVERSE has one of the biggest listings of the year.
#DOGEVERSE is blasting off across the multichain galaxy once again!
Surpassing the $900,000 mark! #Cosmo sends a heartfelt thanks to all the #Doge enthusiasts for their backing!
We have also now entered Stage 2! pic.twitter.com/4IomGgPbyf
— DogeVerse (@The_DogeVerse) April 10, 2024
Investors can participate in its sale via the official Dogeverse website, where 1 DOGEVERSE costs $0.000291.
This price will rise incrementally with each new stage of the sale, while its listing in the next couple of months could see it rocket.
The post Bitcoin Price Prediction as BTC Dips Below $70,000 Level – Dip-Buying Opportunity? appeared first on Cryptonews.
