Bitcoin briefly held above $70,000 for the first time in nearly two months-but on-chain data now points to a potential drop toward $43,000 before the next bull market begins.
Crypto analyst Ali Martinez highlighted the Market Value to Realized Value (MVRV) metric, which has historically signaled major cycle bottoms when Bitcoin hits the 0.8 MVRV band. That level currently sits near $43,647-about 40% below today’s price.
Martinez noted that in every major bear cycle since 2018, Bitcoin rebounded sharply after touching this band, triggering the start of a new bull phase.
As of now, Bitcoin trades around $70,477, up 0.6% in the last 24 hours. But if historical patterns hold, further downside may be ahead.
