Bitcoin’s latest slide is testing nerves, but on-chain bands, ETF flows and price calls show the market still mapping its next move. At the same time, analysts from Peter Schiff to Rekt Fencer are clashing over whether this pullback marks an IPO-style top or just another step on the road to higher highs.
Analyst Highlights Bitcoin ‘Bottom Zones’ on MVRV Bands
Bitcoin is now trading well above on-chain “bottom zones” that have historically marked major cycle lows, according to a new chart from Glassnode shared by analyst Ali (@ali_charts). The chart shows BTC around 85,143 dollars on November 21 while two key MVRV Pricing Bands sit far lower at about 55,900 dollars and 44,700 dollars.
Bitcoin MVRV Pricing Bands. Source: Glassnode and Ali Charts
Over the past seven years, Bitcoin has often bottomed after falling beneath these green and blue bands, which track 1.0 and 0.8 multiples of realized price. Ali noted that previous major downswings have pushed BTC below these lines before longer-term recoveries began.
At the same time, the updated Glassnode chart plots several other realized-price multiples, including 2.4 and 3.2 bands currently near 134,000 dollars and 178,900 dollars. Together, the levels outline a wide on-chain valuation range for Bitcoin as it trades in the upper part of the band structure.
Debate Over Bitcoin Selloff Splits Analysts
Meanwhile, a public exchange between Peter Schiff and analyst Marcus Burelius has renewed debate about whether Bitcoin is entering an “IPO moment” or simply experiencing a routine correction after a long rally. Schiff argued that increased liquidity from ETFs allows early holders to cash out, expanding the circulating supply and setting the stage for deeper future selloffs.
Peter Schiff Bitcoin IPO Comment. Source: X
However, Burelius pushed back and said the ETF narrative is being misunderstood. He noted that ETFs only make Bitcoin easier to access for users who do not want to manage wallets, which he believes strengthens long-term demand. He also said most long-term holders have not moved their coins and that the recent price drop remains consistent with past post-rally pullbacks.
At the same time, Burelius pointed out that investors with weaker conviction have been selling during every downturn for years, yet Bitcoin continued to set new highs. He added that structural catalysts—such as the next halving and potential rate cuts—still shape the broader outlook. The clash highlights how the current correction has reopened old divisions between Bitcoin skeptics and supporters as liquidity and sentiment shift across the market.
Rekt Fencer Maps Path From $75K Dip to Fresh Bitcoin Highs
Trader Rekt Fencer outlined a bold short-term roadmap for Bitcoin, posting a chart that first targets a drop toward 75,000 dollars before a sharp move higher. In his view, BTC could retrace to that level and then rally straight to the 130,000 dollar area.
Bitcoin It’s So Over Chart. Source: Rekt Fencer
At the same time, the shared chart tracks a deep correction followed by a strong recovery into new highs, echoing previous boom-and-bust swings on the three-day BTCUSDT pair on Bybit. The post adds another confident bullish projection to the wider debate over how Bitcoin’s current pullback might unfold.
