![Bitcoin Breaks 0.618 Retracement for First Time Before Halving, Analyst Says BTC Is Ready for a New Bull Cycle](https://captainaltcoin.com/wp-content/uploads/2023/12/WOO-CHART-1.png)
The Bitcoin market got off to a disappointing start in 2024, failing to “go to the moon” as many analysts had predicted when anticipating the ETF approvals. After initially plummeting in January, BTC prices have found some stability and recovered recently. However, the past three days have seen more bearish momentum with rejection around $43k sending Bitcoin back down to $42k.
As chances increase for further dips, one analyst’s indicator could signal buying opportunities ahead.
![](https://captainaltcoin.com/wp-content/uploads/2024/02/image-22-1024x577.png)
Reliable Bitcoin Indicator Flashes Buy-the-Dip Signal
Ali, a cryptocurrency analyst on X (@ali_charts), often looks at the Bitcoin MVRV ratio. This metric compares Bitcoin’s current price to its fair value based on the average price of coins in circulation.
Specifically, Ali notes that each time over the past year when Bitcoin’s MVRV ratio fell below its 90-day moving average, it reliably signaled a prime buy-the-dip moment.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +With Bitcoin’s MVRV ratio once again dipping below that key 90-day average threshold, Ali suggests now could be another opportune time to “buy the dip” on BTC while prices remain depressed.
Time will tell whether this indicator’s strong track record for identifying profitable entry points continues into 2024. But for investors willing to weather the recent volatility, Ali’s analysis indicates savvy traders may do well to accumulate more Bitcoin on the way down.
You may also be interested in:
- How Crypto Trader Yielded Over $800K with DOT’s Rival Token
- Will Cardano Reclaim $0.65? Coinpedia Analysis Says ADA Upside Looking Likely
- $5SCAPE Will Be At The Forefront of the Next VR and AR Wave in 2024 – Here’s Why
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.