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Home»ALTCOIN NEWS»Analyst Says Bitcoin Indicator Flashes Bullish Signals, Updates Outlook for Dogecoin
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Analyst Says Bitcoin Indicator Flashes Bullish Signals, Updates Outlook for Dogecoin

By Crypto FlexsFebruary 2, 20242 Mins Read
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Analyst Says Bitcoin Indicator Flashes Bullish Signals, Updates Outlook for Dogecoin
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Analyst Ali Martinez said Bitcoin (BTC)’s main indicator is currently blinking green.

Martinez says 42,900 followers on social media platform

MVRV is the ratio of Bitcoin’s market capitalization to its realized capitalization (based on the purchase price of all BTC) and is used to assess whether a cryptocurrency asset is undervalued or overvalued.

“Last year, whenever the Bitcoin MVRV rate fell below its 90-day average, it was a signal that there was a buying opportunity.

Currently, the BTC MVRV rate is below its 90-day average again, suggesting that now may be a good moment to buy BTC.”

At the time of this writing, Bitcoin is trading at $42,203.

Next is Dogecoin (DOGE). Blockchain analytics platform IntoTheBlock quotes data from Martinez Called Leading memecoin has seen a “remarkable growth spurt” with new addresses increasing by around 1,100% over the past week.

According to cryptocurrency analysts, the continued increase in the number of Dogecoin addresses is a strong fundamental sign of Memecoin’s potential.

“On January 29th alone, 247,240 new DOGE addresses were created, an all-time high. The continued upward trend in network expansion may soon be reflected positively in DOGE prices.”

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Dogecoin is trading at $0.0791 at the time of this writing.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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