While Bitcoin's steady decline, which started in April, continues into May, investors are eagerly awaiting the start of the real bull rally.
At this point, popular analyst Ali Martinez mentioned to investors that the MVRV rate for Bitcoin indicates a potential bottom.
Martinez explained that whenever the MVRV rate drops below 9%, it is typically followed by significant price increases, pointing out that the current BTC MVRV rate is 11.6%.
According to him, if past patterns hold, the MVRV ratio is signaling a bottom and a potential rise in Bitcoin.
Looking at historical data, he noted that during the last three instances when the MVRV rate fell below 9%, the price of Bitcoin increased by 64%, 63%, and 99% respectively. Martinez said:
"The last three times in the past two years when Bitcoin's 30-day MVRV fell below 9%, BTC's price increased by 64%, 63%, and 99% respectively.
The current 30-day MVRV for Bitcoin is at 11.6%. This might indicate that it's a good time to buy the dip!"
Analyzing the historical trends of Dogecoin, the analyst noted that the ongoing correction in DOGE's price is consistent with its typical pattern before significant bull runs.
Looking at its behavior in 2017 and 2021, he explained that DOGE usually breaks out of a descending triangle and then undergoes a significant pullback before experiencing a bull rally.
He mentioned that DOGE recently broke out of a descending triangle and experienced a 47% drop, suggesting that this could precede a significant bull run.
"In 2017, DOGE broke out of a descending triangle, then retreated 40% before a 982% bull run!
In 2021, DOGE broke out of the descending triangle again, then pulled back 56% before surging 12,197%!
Now, in 2024, DOGE has broken out of the descending triangle once again!
It's currently undergoing a 47% correction, which is very similar to previous cycles, and this could be setting the stage for the next big DOGE bull run!" #BTC #bitcoinhalving #bitcoin #Dogecoin #Cryptocurrencies