2024

Bitcoin

Grayscale Bitcoin Trust

BlackRock

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Bitcoin's (BTC) price entered range-bound mode after bears stunted the growth of the top asset overnight. Without letting go, bears have pulled the price of the coin down to $42,822.59, with 1.21% growth in the past 24 hours.&nbsp;<a href="https://twitter.com/ali_charts/status/1752684766309015636">According</a> to top market analyst Ali Martinez, this price level might prove to be significant for traders looking at a longer-term opportunity to flip the coin.
Taking to X, Martinez noted that the Bitcoin Market Value to Realized Value (MVRV) ratio has fallen below its 90-day average over the past 12 months. This signal, according to the analyst, presents a "buy-the-dip" opportunity.&nbsp;
<blockquote>
 Every time the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> MVRV Ratio fell below its 90-day average in the past year, it signaled a buy-the-dip opportunity. Currently, with the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> MVRV Ratio again below its 90-day average, it suggests that now might be an opportune moment to buy <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. <a href="https://t.co/wTCu458u7n">pic.twitter.com/wTCu458u7n</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1752684766309015636?ref_src=twsrc%5Etfw">January 31, 2024</a>
</blockquote> 
The accompanying chart in the post showed that previous buy-the-dip moments are typically followed by a period of intense growth that leads to a lower high. The projection to buy the dip is an ambitious call, especially as investors are still dragging a price drawdown in Grayscale Bitcoin Trust (GBTC) through the&nbsp;<a href="https://u.today/bitcoin-spot-etfs-record-massive-159-million-net-outflow-in-single-day">transfer of their shares</a>.
The market has been largely unstable, with Bitcoin liquidating bears on some occasions and reversing growth on other days. In all, the buy-the-dip moment might favor investors who are ready to ride the coin’s current volatility trends until it attains stability.
<h2 id="bitcoin-halving-as-major-catalyst">Bitcoin halving as major catalyst</h2>
Since the advent of spot Bitcoin Exchange Traded Fund (ETF) products failed to impact the price of BTC, many investors are already shifting their focus to the impact of&nbsp;<a href="https://u.today/bitcoin-btc-halving-might-trigger-rare-price-action-heres-how">Bitcoin halving</a> on the market.
The event, slated to be held sometime in April, might ultimately shrink the supply of the asset.&nbsp;<a href="https://u.today/1-million-bitcoin-advocate-samson-mow-names-key-btc-price-indicators">According</a> to Samson Mow, this supply shortage and the massive increment in demand from BlackRock and Fidelity Investments will trigger a major upshoot in the price of Bitcoin in the near future.
Other top market experts are also optimistic that the halving event will catalyze the Bitcoin price beyond its previous all-time high (ATH) soon.

BTC Price Prediction: Bitcoin Signals Buy-the-Dip, Analyst Says

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