More than $500 billion has been wiped from the crypto market over the past two months, pushing investor sentiment toward Extreme Fear. As investor sentiment weakens, major cryptocurrencies like Bitcoin, Ethereum, and XRP have dropped 50% and 70% from their recent peaks.
Now, popular crypto analyst Ali Martinez believes key on-chain and technical indicators are now revealing where the next major market bottoms could form.
Bitcoin’s Key Bottom Zone Emerges Near $43,130
For Bitcoin, Martinez is watching the historical accumulation area identified by the MVRV Pricing Bands, a metric widely used to identify long-term market bottoms.
According to his analysis, the strongest accumulation zone sits between $53,900 and $43,130.
“The best risk-reward opportunities typically emerge when Bitcoin drops into the 1.0 and 0.8 MVRV Pricing Bands.”
The lower band currently sits near $43,200, a level that has historically acted as a cycle floor during major corrections.
Despite the bearish outlook, Bitcoin is showing signs that buyers are stepping back in. After nearly touching the $59K level, order book data indicate that buy-side demand is exceeding selling pressure.
Even more interesting, nearly $2.68 billion in short positions are clustered around $64,600. If Bitcoin moves into that range, a short squeeze could quickly accelerate prices higher.
Ethereum’s $700 Warning
Ethereum’s chart appears more challenging. Despite repeated attempts, ETH has failed to reclaim the $1,700 level, while institutional demand continues weakening.
Martinez points to Ethereum’s Delta Price model, which compares investor cost basis with miner production costs. Historically, this indicator has identified Ethereum’s deepest accumulation zones.
Today, that level sits near $700.
The warning comes as ETH futures open interest has fallen 30% over the past month, reaching a 13-month low. Meanwhile, U.S. spot Ether ETFs recorded $523 million in net outflows over just two weeks.
XRP May Be Closer to a Bottom
Among the three major cryptocurrencies, Martinez believes XRP may already be showing signs of stabilisation.
Martinez believes the token has likely established support around $1.15, though he identifies an even stronger accumulation zone between $0.70 and $0.90.
The reason is simple a rising trendline that has supported every major XRP cycle bottom for nearly ten years continues to hold.
Unlike Bitcoin and Ethereum, institutional interest in XRP remains relatively strong. According to SoSoValue data, cumulative inflows into U.S. spot XRP ETFs have already surpassed $1.43 billion.
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