Bitcoin (BTC) is trading around $78,000 as the price continues to fall following another rejection from the $82,000 barrier on Friday. Despite five weeks of encouraging gains in the second quarter of 2026, several analysts predict that Bitcoin is now in the early stages of another long-term price correction and could possibly be headed toward a “real” price bottom. According to Crypto Chan, market analyst at
Bitcoin MVRV Mirror 2018 Bear Market
The Market Value to Realized Value (MVRV) indicator is used to measure the current market conditions. A ratio greater than 1 indicates that the asset may be overvalued, while a ratio below 1 indicates that the market is undervalued.
In a May 16 During that cycle, BTC experienced a final capitulation phase after the MVRV ratio initially declined to around 1.15 before rebounding to 1.63, ultimately outpacing the market’s final decline and final price bottom.
Before the final decline of the 2018 bear market, Bitcoin’s MVRV fell as low as 1.15 before rebounding as high as 1.63.
During the bear market so far, Bitcoin’s MVRV fell to a minimum of 1.14 before rebounding to a maximum of 1.51 https://t.co/angWCNrv04 pic.twitter.com/Kvkv3OvFZQ
— CryptoChan (@0xCryptoChan) May 17, 2026
As at that time, the Bitcoin MVRV indicator fell to 1.14 when the price reached the current cycle bottom of $60,000. Since then, the top cryptocurrency has recorded a steady rise, reaching recent highs of $82,000 and the MVRV ratio rebounding to 1.51. Historical data suggests that this on-chain pattern could indicate another sustained price decline for Bitcoin.
How low can BTC go?
Along with Crypto Chan, other analysts are also betting on a downward move amid the asset’s price struggle in the $82,000 area. In a separate X post, market expert Kabuki predicts that major cryptocurrencies are now reacting to the completion of a bearish head and shoulders formation on the weekly charts.
Kabuki’s analysis predicts that Bitcoin will retreat to $70,000 in the coming days and fall to $41,000 in June. The projected path outlines a series of key support levels, starting at $61,000 and $47,000 and briefly regaining relief towards $55,000. This temporary recovery is expected to lead to a final sell-off, ultimately creating a market bottom near $41,000.
At press time, the top cryptocurrency was valued at $78,044 after a slight decline of 0.51% in the past day. With a market capitalization of $1.56 trillion, Bitcoin remains the world’s largest cryptocurrency and 12th largest asset.
Featured image from iStock, Chart from Tradingview
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