Bitcoin could drop further after wiping out all of its price gains since the election of U.S. President Donald Trump as liquidity is expected to remain thin for the near future.

“This contraction has been underway for several months and remains ongoing, suggesting it is likely to persist for some time,” said Thomas Probst, a research analyst at crypto data provider Kaiko.

Bitcoin fell below $61,000 on Thursday, its lowest level since a month before Trump’s election.

But some analysts have theorized that the worst may already be over.

“There are several things signifying that we are very close to a bottom, if not having achieved it,” said James Butterfill, head of research at crypto asset manager CoinShares, who added some investors might choose to buy the dip. Selling by so-called “whales” — individuals or entities holding 10,000 or more bitcoin — has started to slow, he said.

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