A crypto analyst has made a prediction about the future price of Bitcoin, stating that it could drop to $28,500 as part of its cycle bottom.
The prediction is based on the Bear Bands indicator, which has been used to identify bear bottoms in past cycles. The analyst believes that if history repeats itself, this decline could be followed by another bullish cycle.
The Bitcoin price has recently fallen below $60,000 for the first time since 2024, and major large-cap stocks have recorded double-digit losses in the US equities market.
The analyst's projection centers on three bands: the First Low Bear Band, the Second Low Band, and the Third Low Bear Band. The Bitcoin price has broken beneath the First Low Bear Band and appears very likely to close below this level.