BTC is up 7%, but analysts say this could be the next 100x cryptocurrency

Join our Telegram Channel to keep up to date with breaking news coverage.

The price of bitcoin rose 7% in the last 24 hours to trade at bitcoin/”>$61,031 at 5 a.m. EST on trading volume that rose 9% to $43.5 billion.

The world’s first and oldest cryptocurrency is still down 5% on the weekly chart, meaning that the recovery seen over the past four days was not enough for btc to make up for the losses seen before that. However, the coin has still seen a 100% price increase over the past 12 months, although it is far from its ATH at the moment.

bitcoin Price Prediction

bitcoin experienced a strong surge over the past 24 hours, which managed to push it back above the $60K mark, but the coin lost its momentum after approaching the $62K barrier earlier. Since then, it spent roughly 12 hours trading sideways with minor fluctuations.

However, traders who are interested in knowing what will happen next should consider technical indicators such as the Bollinger Bands, which are currently quite narrow. This could be a bearish signal in itself. But, as long as the bands remain narrow, the bitcoin price has been trying to push the upper band even higher, and it often fluctuated between this band and the middle zone between the two bands, rarely going to the lower one.

This alone looks promising, especially when combined with the cryptocurrency's relative strength index (RSI).

bitcoin-Price-Prediction.png.webp 1794w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-300×151.png.webp 300w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1024×514.png.webp 1024w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-768×386.png.webp 768w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1536×771.png.webp 1536w” srcset=”data:image/svg+xml,%3Csvg%20xmlns=’http://www.w3.org/2000/svg’%20viewBox=’0%200%201794%20901’%3E%3C/svg%3E” data-lazy-sizes=”(max-width: 1794px) 100vw, 1794px”/>
<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201794%20901'%3E%3C/svg%3E" alt="bitcoin Price Prediction” width=”1794″ height=”901″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction.png 1794w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-300×151.png 300w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1024×514.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-768×386.png 768w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1536×771.png 1536w” data-lazy-sizes=”(max-width: 1794px) 100vw, 1794px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction.png”/>

bitcoin-Price-Prediction.png.webp 1794w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-300×151.png.webp 300w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1024×514.png.webp 1024w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-768×386.png.webp 768w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1536×771.png.webp 1536w” sizes=”(max-width: 1794px) 100vw, 1794px”/>
bitcoin-Price-Prediction.png” alt=”bitcoin Price Prediction” width=”1794″ height=”901″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction.png 1794w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-300×151.png 300w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1024×514.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-768×386.png 768w, https://technicalterrence.com/wp-content/uploads/2024/08/BTC-is-up-7-but-analysts-say-this-could-be”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-Price-Prediction-1536×771.png 1536w” sizes=”(max-width: 1794px) 100vw, 1794px”/>

The RSI value has also been moving towards the edges of the neutral zone over the past 12 hours, although at times it dipped into the oversold zone. This suggests that traders have been very cautious when buying and very quick when selling. All of this points to a lot of uncertainty in the market right now, as many seem to expect a new bearish wave to push btc below the $60K mark, and that may very well happen.

Additionally, the coin’s RSI also saw two spikes towards the overbought zone over the past few hours. It didn’t reach it, but it shows that traders are relaxing. This level of calm will likely increase over time if the coin manages to hold its current level. Optimism is also slowly building up, and that alone could help btc return to the $62K mark. btc could even surpass this point over the weekend.

Promising alternative to bitcoin

Right now, bitcoin is still struggling to stay above the $60,000 mark, and while there are reasons to believe that the coin will rise soon, many are looking for other, less risky opportunities. bitcoin is a high-risk, high-reward type of investment, but projects like Dawgz Base (DAWGZ) have the potential to be much more rewarding while also being accompanied by significantly lower risk.

Base Dawgz is one of the newer meme coins, which already makes it an investment worth considering, given that the meme coin sector exploded in 2024 more than ever. However, Base Dawgz’s potential goes far beyond that.

Developed on the Base blockchain, DAWGZ was designed to run on five different blockchains simultaneously after its ICO ends and the project is launched. These networks include its native Base chain, as well as Avalanche, ethereum, Solana, and BSC.

In other words, five of the largest and busiest chains in the industry will be connected through DAWGZ, which can provide true interoperability.

This will be possible thanks to the use of Portal Bridge and Wormhole technologies in the project, which will allow for the seamless transfer of funds from one chain to another, without the need for wrapped tokens, stablecoins or investors required to convert one token into another.

As such, DAWGZ will be able to unlock the full potential of all five chains and allow you to access any opportunity on any of them at any time.

Congratulations on passing 2.8 million twitter.com/search?q=%24DAWGZ&src=ctag&ref_src=twsrc%5Etfw”>$DAWGZ

We're getting close. And we hope to be able to give you an update next week image.twitter.com/mRvjOMwD6F

—Base Dawgz (@BaseDawgz) twitter.com/BaseDawgz/status/1819604213678129479?ref_src=twsrc%5Etfw”>August 3, 2024

This is why its pre-sale has been such a huge success, raising over $2.85 million at the time of writing, and why leading cryptocurrency experts, such as YouTuber ClayBro, believe it has a huge chance to explode and even challenge projects like Shiba Inu.