Bitcoin’s $77K drop may mark cycle low, per analyst PlanC
Bitcoin slid about 7% to $77,000 on Saturday, a move that may represent the cycle’s low, according to Bitcoin analyst PlanC. The decline occurred during a volatile weekend session that erased over $2 billion from the crypto market, while other market commentators continued to call for additional downside in the months ahead.
“Decent chance this will be the deepest pullback opportunity this Bitcoin bull run,” PlanC said in an X post on Saturday.
PlanC likens the drop to prior capitulation phases
Bitcoin fell 7% to roughly $77,000 on Saturday and subsequently edged higher to $78,690 at the time of publication, according to CoinMarketCap.
Bitcoin is down 11.44% over the past 30 days.
The asset is now approximately 38% below its all-time high of $126,100 reached on Oct. 5. PlanC said the current downtrend echoes past episodes such as the 2018 capitulation near $3,000, the March 2020 crash to around $5,100, and the declines following the FTX and Luna collapses, when BTC fell to about $15,500 and $17,500, respectively.
“There is a decent chance we are going through another major capitulation low as we speak,” PlanC said, adding, “It seems like the ultimate low will be between $75,000 and $80,000.”
Separately, Bitcoin advocate and financial accountant Rajat Soni cautioned against reacting to weekend volatility. “Never trust a weekend pump OR dump,” Soni posted on X on Saturday. “Bitcoin will make a comeback when you least expect it,” he added.
Analysts say a move toward $60K remains possible
Some analysts continue to anticipate further declines. Veteran trader Peter Brandt recently projected that Bitcoin could fall to $60,000 by the third quarter of 2026.
Crypto analyst Benjamin Cowen said Bitcoin’s market cycle low will likely occur in early October, while noting he “anticipates plenty of rallies will occur between now and then.” His opinion was shared on his Twitter account recently.
Jurrien Timmer, Fidelity’s director of global macroeconomic research, said 2026 could be a “year off” for Bitcoin, with prices potentially dropping to as low as $65,000. You could check the most recent Bitcoin trends and statistics here.
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