A mechanism for reducing power consumption of a cache memory of a processor includes a processor with a cache memory that stores instruction information for one or more instruction fetch groups fetched from a system memory. The cache memory may include a number of ways that are each independently controllable. The processor also includes a way prediction unit. The way prediction unit may enable, in a next execution cycle, a given way within which instruction information corresponding to a target of a next branch instruction is stored in response to a branch taken prediction for the next branch instruction. The way prediction unit may also, in response to the branch taken prediction for the next branch instruction, enable, one at a time, each corresponding way within which instruction information corresponding to respective sequential instruction fetch groups that follow the next branch instruction are stored.