The price of Bitcoin briefly fell below the $60,000 level for the first time since 2024 on Friday, June 5, succumbing to the extreme bearish pressure that has ravaged global financial markets. While the imminent IPO of Space
Interestingly, a prominent cryptocurrency trader on social media platform According to experts, Bitcoin price could fall to $28,500 to find a cycle bottom.
Is it inevitable that the BTC price will fall to $28,500?
In a recent post on the Crypto analysts have identified $44,500 and $28,500 as potential next bearish targets for the top cryptocurrency.
This forecast focuses on analysts’ Bear Bands, which have helped pinpoint bearish bottoms in past cycles. As you can see in the chart below, this indicator consists of three bands: the first lower bear band, the second lower bear band, and the third lower bear band.
Source: @CryptoCon_ on X
As highlighted in CryptoCon’s analysis, Bitcoin price has fallen below the First Low Bear Band after the recent downtrend and is very likely to close below that level. Market analysts noted that a firm close below this first band could signal a potential decline towards the second lower band around $44,500.
However, CryptoCon said the bottom target for the cycle is in the third lower bear band, at around $28,500, “the bottom of my expectations.” If history is any guide, the Bitcoin price always falls into this bearish band before starting another bullish cycle.
CryptoCon wrote on X:
I am very patient with the low conditions of a proper cycle and am not afraid of “missing out.” Waiting for the best time to invest is more important than ever, especially as returns decline and the possibility of a sluggish cycle (which most people think is impossible) looms.
It is worth noting that the analyst has also assumed timelines for when the Bitcoin price will reach each of these downside targets. CryptoCon expects the flagship cryptocurrency to reach the Second Bear Band between August and October, before falling to the bottom of $28,500 around November 2026 and January 2027.
Bitcoin Price Overview
A decline to around $28,500 would represent a 77% decline from BTC’s all-time high. As of this writing, the price of Bitcoin is around $61,850, down more than 2% in the last 24 hours.
While these daily declines appear relatively modest, the broader time frame provides more context to the market leader’s struggles over the past week. Bitcoin price has fallen more than 15% over the past seven days, according to CoinGecko data.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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