The Bitcoin price offered a modest curtsy on Friday, the very opening of May. With its technically bullish posture, this genteel debut murmurs that Bitcoin could give a rather impressive performance in the weeks to come.
Nevertheless, the darling isn’t out of the woods; a broader threat looms. According to a recent on-chain evaluation, if Bitcoin experiences another sell-off, it might not establish a local floor until it reaches as low as $43,000.
A MVRV Whisper: A Support Zone Below the Current Mirth
In a jaunty post on X, crypto pundit Ali Martinez wagers that Bitcoin hasn’t yet played the bottom card. This speculation leans on BTC’s MVRV Pricing Bands, those dear old yardsticks that tell when Bitcoin is overvalued or undervalued.
He says the MVRV Pricing Bands have long pinpointed where bottoms like to take a bow. Specifically, the analyst explained that Bitcoin historically bottomed between the 1.0 and 0.8 bands – a pattern that’s been the show’s chorus since 2010.
With the usual “bottoming zones” within the established price bands, Martinez further revealed that Bitcoin has yet to test these critical zones in its current cycle. Per the analyst, the bands have established the following price positions: 1.0 MVRV Band at $54,145; 0.8 MVRV Band at $43,316.
Hence, the crypto pundit noted that these bands could contain Bitcoin’s price in the event of a macro sell-off (causing a deep retracement). As is evident in the chart Martinez shared, cycles that fail to revisit key accumulation zones typically remain vulnerable to deeper pullbacks before establishing a long-term base.
Bitcoin Rehearses the 2022 Bottoming Routine
In a separate missive on X, Ali Martinez reveals that the Bitcoin price is currently drafting a structure reminiscent of 2022. If the pattern holds, the market could still gift one more push higher.
Yet such a bullish arc might not be sustained in the near term, as it would likely be followed by a “final leg down.” If that comes to pass, the MVRV bands would likely reappear to cushion Bitcoin’s fall.
As I write, the price stands around $77,933, a modest 2% daily gain-the sort of progress that would make a dry martini taste almost exhilarating.
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2026-05-02 21:04