Bitcoin (BTC) selloff may not be over, according to analyst CryptoCon, who believes the cryptocurrency could fall as low as $28,500 before reaching its next cycle bottom.
Bitcoin Bear Targets
The forecast comes after Bitcoin briefly slipped below $60,000 on Jun. 5 for the first time since 2024, as risk assets across global markets came under heavy pressure. The decline coincided with broad weakness in U.S. equities, where several major large-cap stocks posted double-digit losses, while investors also reacted to developments surrounding the upcoming SpaceX IPO.
In a post on X, CryptoCon outlined two potential downside targets using his proprietary Bear Bands indicator, a framework he says has identified market bottoms in previous Bitcoin cycles.
The model consists of three support zones: the First Low Bear Band, the Second Low Bear Band, and the Third Low Bear Band.
According to the analyst, Bitcoin has already broken below the first band following its recent correction and appears likely to close beneath that level.
If that happens, CryptoCon expects the next major support area to emerge near $44,500, which corresponds with the Second Low Bear Band.
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CryptoCon Outlook
While $44,500 represents the next key downside target, CryptoCon believes the ultimate cycle low could arrive much lower.
The analyst said the Third Low Bear Band, currently near $28,500, marks the lower end of his projections and aligns with previous bear market behavior. According to his historical analysis, Bitcoin has consistently fallen into this final support zone before beginning a new bullish cycle.
“I am being very patient for the right cycle low conditions,” CryptoCon wrote. “I am not afraid of missing out.”
He added that weaker returns and the possibility of a less explosive cycle make timing increasingly important for long-term investors.
CryptoCon expects Bitcoin to reach the $44,500 area between August and October 2026. His model then points to a final bottom near $28,500 between November 2026 and January 2027.
A decline to $28,500 would represent roughly a 77% drop from Bitcoin’s all-time high. As of publication, Bitcoin traded near $61,850 and remained down more than 15% over the past seven days, extending one of its sharpest weekly pullbacks of 2026.
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