Bitcoin has taken investors through one of the sharpest reversals of this cycle. BTC price collapsed from $126,000 in October to around $59,000 by February 2026, wiping out months of upside and dragging sentiment back into fear territory.
Recent trading, however, shows a different tone. BTC has stabilized between $63,000 and $70,000 over the past few days, and although bearish sentiment still feels dominant, the pace of decline has clearly slowed.
Some analysts believe Bitcoin could still drop further before any sustained recovery begins. Crypto analyst Ulun, known on X as @gmulun, shares that cautious outlook, though his projection ultimately turns strongly bullish over the next 8 months. Ulun laid out a detailed monthly roadmap that tracks Bitcoin price from a potential final bottom to what he believes could be a new all time high.
What you'll learn 👉
Ulun Sees Bitcoin Price Forming A Final Bottom Before Recovery Begins
Ulun’s forecast begins with one more wave of weakness. He expects BTC to revisit lower levels in March, potentially forming a bottom near $55,000. That would mark a final shakeout below the recent $59,000 low and complete what many technical analysts describe as capitulation.
April, in Ulun’s framework, becomes an accumulation phase where Bitcoin price trades sideways as stronger hands absorb supply. Confidence would not instantly return, yet the selling pressure that dominated from October to February would begin to fade. This phase would serve as the foundation for a broader recovery.
May introduces a macro catalyst in Ulun’s model. He anticipates a Federal Reserve rate cut, which could improve liquidity conditions and spark the initial rally in BTC. Once momentum returns, June could deliver a stronger expansion phase where Bitcoin price accelerates upward and sentiment shifts back toward optimism.
Bitcoin Price Could Reach A New All Time High By Late Summer
Ulun does not expect a straight line higher. His forecast places another consolidation period in July, which would allow Bitcoin to reset before attempting fresh highs. That pause would strengthen the structure of the move rather than weaken it.
August becomes the pivotal month in his projection. Ulun expects BTC to break above its previous $126,000 peak and establish a new all time high. That breakout would confirm a full recovery from the earlier collapse and push Bitcoin price back into price discovery territory.
September carries the most ambitious target in the outlook. Ulun projects Bitcoin between $150,000 and $160,000 by that stage, a level that would extend well beyond the prior cycle high and mark a powerful expansion phase in the broader crypto market.
The Market Psychology Chart Explains Where BTC May Be Today
The image attached to this forecast follows the well-known Wall Street Cheat Sheet market psychology model, which maps emotional stages across a full market cycle. Early recovery phases are labeled as hope and optimism. Peaks align with thrill and euphoria. Declines move through anxiety, denial, panic, capitulation, anger, and depression before a new cycle begins.
Bitcoin near $126,000 likely aligned with the euphoria stage, where confidence felt limitless. The drop toward $59,000 fits the panic and capitulation zones highlighted in the chart. Current BTC price action between $63,000 and $70,000 appears closer to the late capitulation or early anger phase, where selling pressure slows yet conviction remains fragile.
Ulun’s roadmap essentially argues that Bitcoin is nearing the end of that emotional reset. His $55,000 bottom target represents the final test of patience before accumulation gives way to expansion.
Read Also: Bitcoin Nears $70K, But Hedera (HBAR) Looks Set for Bigger Move as Bullish Metrics Build
Eight months in crypto can reshape an entire narrative. Whether Bitcoin price follows this path exactly remains uncertain, though the structure laid out by Ulun offers a clear framework to revisit as 2026 unfolds.
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