Analyst Who Called Cycle Top Says Bitcoin Bottom Could Be At $28,500 — Here’s When

bitcoinistPublished on 2026-06-06Last updated on 2026-06-06

Abstract

Bitcoin's price recently dropped below $60,000 for the first time in 2024, amidst a broader market sell-off. A crypto analyst, CryptoCon, who claims to have sold at the cycle top, now projects a potential bearish bottom for Bitcoin. Using a proprietary "Bear Bands" indicator, the analyst suggests BTC could first decline to a second bear band target around $44,500 between August and October. However, the predicted cycle low is on a third bear band at approximately $28,500, potentially reached between November 2026 and January 2027. This level has historically marked the low before a new bull cycle. As of the report, Bitcoin trades near $61,850, down over 15% in the past week. The analyst advises patience, emphasizing the importance of waiting for optimal entry conditions.

The Bitcoin price briefly fell below the $60,000 level for the first time since 2024, succumbing to intense bearish pressure that ravaged global financial markets on Friday, June 5th. While the imminent initial public offering of SpaceX in the United States has been identified as one of the catalysts behind the downturn, the US equities market was not spared on the day, as major large-cap stocks recorded double-digit losses.

Interestingly, a popular crypto trader on social media platform X who sold their Bitcoin holdings at the peak of the latest bullish cycle has come forward with a projection for the cryptocurrency’s bottom following the latest price action. According to the pundit, the Bitcoin price could fall to as low as $28,500 to find its cycle bottom.

Is A Fall To $28,500 Inevitable For BTC Price?

In a recent post on the X platform, pseudonymous trader CryptoCon shared an insight into a possible path for Bitcoin’s price over the next few months. The crypto analyst identified $44,500 and $28,500 as the potential next bear targets for the premier cryptocurrency.

This projection centers on the analyst’s Bear Bands, which helped pinpoint bear bottoms in past cycles. As shown in the chart below, this indicator comprises three bands: the First Low Bear Band, the Second Low Band, and the Third Low Bear Band.

Source: @CryptoCon_ on X

As CryptoCon highlighted in their analysis, the Bitcoin price has broken beneath the First Low Bear Band after its recent downturn and appears very likely to close below the level. The market analyst noted that a confirmed close below this first band could mean a potential decline toward the Second Low Band at around $44,500.

However, CryptoCon said that the cycle bottom target lies on the Third Low Bear Band and “on the lower end of my projections” at around $28,500. If history is anything to go by, the Bitcoin price has always fallen into this bear band before kickstarting another bullish cycle.

CryptoCon wrote on X:

I am being very patient for the right cycle low conditions, I am not afraid of “missing out”. Especially as returns diminish and the possibility of a lackluster cycle (which most people find impossible) looms, it is more important than ever to wait for the best time to invest.

It is worth noting that the analyst also postulated a timeline for when the Bitcoin price would reach each of these downside targets. CryptoCon expects the flagship cryptocurrency to reach the Second Bear Band between August and October, then fall to a bottom of $28,500 around November 2026 and January 2027.

Bitcoin Price Overview

A drop to around $28,500 would represent a 77% decline from BTC’s all-time high. As of this writing, the price of Bitcoin stands at around $61,850, reflecting an over 2% decline in the past 24 hours.

While this single-day decline looks relatively modest, a broader timeframe provides more context for the market leader’s struggles over the past week. According to CoinGecko data, the Bitcoin price has dropped by more than 15% in the last seven days.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

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Related Questions

QAccording to the analyst CryptoCon, what are the two potential downside price targets for Bitcoin mentioned in the article?

AThe two potential downside price targets are $44,500 and $28,500.

QWhat indicator does CryptoCon use to identify potential Bitcoin bear bottoms, and what are its three bands called?

ACryptoCon uses the 'Bear Bands' indicator, which comprises the First Low Bear Band, the Second Low Band, and the Third Low Bear Band.

QWhen does CryptoCon predict Bitcoin could reach its cycle bottom of around $28,500?

ACryptoCon predicts Bitcoin could reach a bottom of around $28,500 between November 2026 and January 2027.

QWhat recent price level did Bitcoin briefly fall below for the first time since 2024, as mentioned in the article?

ABitcoin briefly fell below the $60,000 level for the first time since 2024.

QWhat percentage decline from its all-time high would a drop to $28,500 represent for Bitcoin?

AA drop to around $28,500 would represent a 77% decline from Bitcoin's all-time high.

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