Techniques are disclosed relating to power reduction during execution of instruction loops. Multiple different power saving modes may be used by a processor, such as a first power saving mode after only a few loop iterations (e.g., 2-3) and a second, deeper power saving mode after a greater number of loop iterations. The first power saving mode may include keeping a branch predictor and/or other structures active, but the second power saving mode may include reducing power to the branch predictor and/or other structures. An observation mode and an instruction capture mode may also be used by a processor prior to entering a power saving mode for loop execution. Power saving modes may also be achieved during execution of complex loops having multiple backward branches (e.g., nested loops).