While the gradual decline in Bitcoin that started in April continues into May, investors are eagerly anticipating the commencement of a substantial bull rally.
At this juncture, renowned analyst Ali Martinez has informed investors that the MVRV ratio for BTC indicates a potential bottom.
Emphasizing that historically, whenever the MVRV ratio has dipped below 9%, it has been followed by significant gains, Martinez notes that the current MVRV ratio for BTC stands at 11.6%.
According to Martinez, if history is any guide, the MVRV ratio is signaling a bottom and a subsequent rise in Bitcoin's value.
Highlighting that in the past three instances where the MVRV ratio fell below 9%, the price of Bitcoin subsequently increased by 64%, 63%, and 99%, respectively, Martinez states:
"The last three times over the past 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!"
Martinez, who has studied the historical price movements of Dogecoin, asserts that the current price correction for DOGE is consistent with its typical behavior prior to substantial bull runs.
Specifically, by examining its price movements in 2017 and 2021, Martinez observes that DOGE broke out of a descending triangle pattern in both instances and subsequently experienced significant pullbacks before embarking on a bull run.
Noting that DOGE has recently broken out of a descending triangle pattern and has undergone a 47% pullback, Martinez suggests that DOGE may be poised for a significant 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
*Disclaimer: This content does not constitute investment advice.
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