Bitcoin has struggled to recover after falling to $92,000, but analysts are predicting a peak of $168,500 based on the Mayer Multiple Index. Dogecoin is also repeating its past parabolic rises, signaling a new rally.
The cryptocurrency market has been under serious selling pressure in recent days. Bitcoin has fallen 15% from its peak last week, dropping to $92,000. Although it has recovered somewhat from this level, it has failed to gain strong upward momentum similar to previous corrections and is currently struggling to hold above the $95,000 level.
Although this situation has created concerns among investors, analysts who know market cycles well are making promising predictions that the cryptocurrency market may regain momentum in the future. Analysis for Bitcoin indicates that the bull market will continue in the long term. Crypto analyst Ali Martinez attracts attention with his predictions in an environment of uncertainty.
Ali Martinez used the Mayer Multiple Index to predict a market top while examining Bitcoin’s price movements. The Mayer Multiple is an indicator that compares Bitcoin’s price to the 200-day moving average (200DMA) and has been successful in predicting the tops and bottoms of market cycles in the past. The chart shows that Mayer Multiple levels are particularly indicative of previous bull market peaks. This suggests a positive scenario for Bitcoin investors in the long term. However, while indicators such as the Mayer Multiple are an important tool in understanding market cycles, it is important to keep in mind that market conditions are variable and different factors can also be effective.
Dogecoin: Is a New Parabolic Rise Coming?$DOGE
Ali Martinez, who made remarkable analyses for Dogecoin (DOGE) as well as Bitcoin, presented an interesting scenario by examining past price movements. Martinez looked at Dogecoin's previous performances and said:
“In 2017, Dogecoin went on a parabolic rally, rising 212% before retreating 40% and then making a massive 5,000% gain. In 2021, it fell 56% after a 476% gain and made another massive 12,000% gain. Currently, in 2024, DOGE is up 440% and has pulled back 46%. If things continue as they have in the past, a new parabolic rally is possible.”
Dogecoin’s price movements are a frequently debated and speculative topic among investors. Although Martinez’s prediction excites Dogecoin investors, it is important to remember that meme coins have high volatility and carry great risks in the short term.
The cryptocurrency market is going through a period of uncertainty and opportunity, as it always does. While the future of leading cryptocurrencies such as Bitcoin and Dogecoin is shaped by market cycles and fundamental analysis, it is very important for investors to adopt a careful and strategic approach.