While the gradual decline in Bitcoin that started in April continues in May, investors are looking forward to the real bull rally starting as soon as possible.
At this point, popular analyst Ali Martinez told investors that the MVRV rate in BTC signals the bottom.
Stating that every time the MVRV rate falls below 9%, these decreases are followed by significant increases, the analyst pointed out that the BTC MVRV rate is currently at 11.6%.
According to the analyst, if history repeats itself, the MVRV ratio gives a signal for a bottom and a rise in Bitcoin.
Pointing out that, according to historical data, in the last 3 times when the MVRV rate fell below 9%, the Bitcoin price increased by 64%, 63% and 99% respectively, the analyst said:
“The last three times over the last two years when Bitcoin's 30-day MVRV fell below 9%, the BTC price increased by 64%, 63% and 99% respectively.
The 30-day MVRV on BTC currently stands at 11.6%. This suggests it may be time to buy the dip!”
The last three times the #Bitcoin 30-day MVRV dropped below -9% in the last two years, the price of $BTC surged by 64%, 63%, and 99%, respectively.
The #BTC 30-day MVRV is currently at -11.6%, suggesting it may be time to buy the dip! pic.twitter.com/Q85skH7Hyj
— Ali (@ali_charts) May 1, 2024
“Dogecoin is experiencing a pre-rally correction!”
The analyst, who studied the historical movements of Dogecoin, said that the ongoing DOGE price correction is part of its usual behavior before massive bull runs.
Accordingly, examining its movements in 2017 and 2021, the analyst pointed out that DOGE exited the descending triangle each time and then experienced significant withdrawals before entering the bull run.
Stating that DOGE has exited the descending triangle in the current situation and has experienced a 47% retreat, the analyst said that DOGE may be preparing for a mega rally.
“In 2017, DOGE broke out of the descending triangle. DOGE then retreated 40% before entering a 982% bull run!
In 2021, DOGE broke out of the descending triangle again. Then, DOGE pulled back 56% before skyrocketing 12,197%!
Now, in 2024, DOGE has broken out of the descending triangle once again!
It is currently undergoing a 47% price correction, very similar to previous cycles, and this could spark the next DOGE bull run!”
Now, in 2024, #DOGE has yet again broken out of a descending triangle!
It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
*This is not investment advice.
