After touching a record high of about $126,220 in early October 2025, the world’s largest cryptocurrency has fallen to below $65,000 levels and is trading around $68,000 currently.

The market is caught between hope for a fresh rally and growing suspicion that the real washout has not happened yet.

Moreover, the analysts have pointed out to another brutal possibility that the Bitcoin price could plunge as low as $43,000 before its next bull run.

Bitcoin's painful slide

The mood in Bitcoin now is very different from the optimism that defined last autumn.

Analyst Ali Martinez, citing Glassnode’s MVRV Pricing Bands, has flagged $73,726 as the current 1.0 resistance band.

The price has become a ceiling for recovery attempts rather than a springboard for a new leg higher.

In simple terms, MVRV measures whether Bitcoin holders are sitting on profits or losses, which makes it a useful way to judge whether the market is stretched or approaching value.

Martinez’s point is not that Bitcoin must crash to $43,000, but that history leaves that door open.

He argues that over the past decade, major Bitcoin bottoms have consistently formed between the 1.0 and 0.8 MVRV bands, which currently sit near $54,000 and $43,000.

That simply means if Bitcoin were to lose the $54,000 zone decisively, historical cycle behavior suggests the next strong gravitational pull could sit much closer to $43,000.

Cycle math points lower

A second argument comes from cycle timing rather than valuation bands.

Analyst NoLimit, using Bitcoin’s NUPL (Net Unrealized Profit/Loss) has argued that prior halving cycles show major bottoms often arriving about 12 to 13 months after the halving event.

In the current cycle, that would point to October or November 2026 rather than the spring or summer.

That thesis lines up more neatly with the bearish MVRV map than many bulls would like.

NoLimit’s expected landing zone of roughly $45,000 to $50,000 sits close to Martinez’s broader $43,000 to $54,000 bottoming region.

The figures provide traders with two different on-chain approaches that arrive in almost the same neighborhood.

In market terms, that kind of overlap tends to matter because investors pay closer attention when separate frameworks begin pointing to the same risk zone.

None of this makes a drop to $43,000 inevitable.

Bitcoin could still avoid that path if macro conditions improve, ETF demand picks up, or a strong catalyst pushes price back above the resistance bands.

But, in case you are still thinking that the Bitcoin price has bottomed and the only way is up, you may have to rethink your analysis.

The next great Bitcoin buying opportunity may arrive only after one more deep flush, not before it.
source: https://www.tradingview.com/news/invezz:0c601ed82094b:0-why-bitcoin-could-crash-to-43k-before-its-next-bull-run/