Bitcoin Slips Below $60K Again, But Four-Year Cycle Remains Intact

Bitcoin (BTC) plummeted below $60,000 on Wednesday for the third time this month, with a steeper decline than previous instances in early June. The price drop has sparked debate among analysts about whether the four-year cycle is still intact. According to 21Shares, a crypto asset manager, the current slump mirrors past post-halving corrections and has not yet broken the cycle.

The firm had forecast that institutional demand would end Bitcoin's halving-driven pattern in 2026, but now believes that price action still looks familiar. The drawdown is still mild compared to the past two cycles, with Bitcoin falling about 84% after its 2017 peak and 77% after the 2021 peak.

Despite trading below $60,000, Bitcoin holds above the roughly $54,000 cost basis that 21Shares flags. This suggests that sellers have not fully capitulated, with institutional money cushioning the drop. The firm still expects a recovery toward $100,000 by year-end, not a breakout to new highs.