Bitcoin's slide isn't over yet, according to analyst Beimnet Abebe. In a note this week, Abebe predicted the largest cryptocurrency will likely drop below $60,000, extending a rout that has already erased gains from earlier in the year. The broader market, Abebe said, is firmly in bear territory, and he recommended that investors use the weakness to accumulate positions ahead of the fourth quarter.
Bear market, no bottom yet
Abebe's call comes as crypto markets have struggled to hold recent support levels. He didn't specify a precise bottom, but the forecast of a break below $60,000 implies a decline of roughly 10% from current levels—a move that would test the patience of even seasoned traders. The analyst pointed to waning institutional inflows and a lack of fresh catalysts as headwinds that could push prices lower.
Strategic buying into Q4
Despite the near-term warning, Abebe isn't sounding an all-clear siren to sell everything. Instead, he advised strategic accumulation for Q4, suggesting that the current downturn is a buying opportunity for those with a longer horizon. The logic: bear markets eventually exhaust themselves, and the fourth quarter historically sees a pickup in activity. That's a gamble, but one Abebe thinks is worth taking—just not yet.
The timing of the prediction matters. Already this month, several smaller altcoins have hit fresh lows, and Bitcoin's dominance has crept higher, a classic sign of risk-off sentiment. If Abebe is right and BTC breaks below $60,000, the next question is whether that level acts as a floor or just another stop on the way down.
For now, the market waits. No major regulatory news or macroeconomic data is due in the next few days, so price action will likely be dictated by technicals and sentiment. Abebe's advice: keep some powder dry until the real pain hits.
