Bitcoin (BTC) is trading around $78,000, as prices continue to fall after another rejection at the $82,000 barrier on Friday. Despite the encouraging rally over the five weeks of Q2 2026, several analysts predict that Bitcoin is now in the early stages of another prolonged price correction, likely heading toward a “real” price low. According to market analyst Crypto Chan on
Bitcoin MVRV reflects 2018 bear market
The market value/realized value (MVRV) metric is used to assess the current state of the market: a ratio greater than 1 suggests an asset may be overvalued, while a ratio less than 1 indicates an undervalued market.
In a May 16
18 years of service, MVRV 1.15, 1.63
The MVRV is 1.14, the MVRV is 1.51. pic.twitter.com/Kvkv3OvFZQ
– CryptoChan (@0xCryptoChan) May 17, 2026
Similar to that time, the Bitcoin MVRV metric had fallen to 1.14 when prices hit the current cycle low of $60,000. Since then, the leading cryptocurrency has seen steady gains, reaching its recent high of $82,000, while the MVRV ratio has rebounded to 1.51. Based on historical data, this on-chain trend could signal another sustained decline in Bitcoin prices.
How low could BTC go?
Along with Crypto Chan, other analysts are also betting on a decline amid the asset price struggle with the $82,000 zone. In another article X, market expert Kabuki predicts that the leading cryptocurrency is now reacting to the completion of the bearish head and shoulders formation on its weekly chart.
Kabuki’s analysis predicts that Bitcoin will retreat to $70,000 in the coming days and fall to $41,000 in June. The projected trajectory outlines a series of key support levels, starting at $61,000 and $47,000, before a brief relief bounce towards $55,000. This temporary recovery should then give way to a final sell-off, ultimately forming a market bottom around $41,000.
At press time, the leading cryptocurrency is valued at $78,044 after a slight decline of 0.51% over the past day. With a market capitalization of $1.56 trillion, Bitcoin remains the largest cryptocurrency and the 12th largest asset in the world.
Featured image from iStock, chart from Tradingview
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