Analyst Suggests Bitcoin May Have Hit Cycle Low at $77K
According to Bitcoin analyst PlanC, there's a strong possibility that the recent dip to $76,000 represents the bottom of the current cycle, although not all analysts share this view.
The approximately 7% decline that pushed Bitcoin down to $77,000 this past Saturday could potentially represent the bottom point of the current market cycle, based on analysis from Bitcoin analyst PlanC.
This assessment arrives at a time when various cryptocurrency analysts have been forecasting additional downward pressure for Bitcoin (BTC) over the next several months.
"Decent chance this will be the deepest pullback opportunity this Bitcoin bull run," PlanC said in an X post on Saturday.
PlanC compares Bitcoin's fall to previous bear market cycles
Saturday saw Bitcoin experience a 7% decline, bringing its price down to approximately $77,000, before recovering somewhat to reach $78,690 as of the time this article was written, based on data from CoinMarketCap.
The cryptocurrency's current valuation represents approximately a 38% decrease from the all-time peak of $126,100, a milestone achieved on Oct. 5. According to PlanC, the current downward trend Bitcoin is experiencing bears resemblance to historical market crashes including the 2018 bear market capitulation that brought Bitcoin down to $3,000, the March 2020 market crash which saw the digital asset plummet to roughly $5,100, as well as the FTX and Luna market collapses, during which BTC descended to approximately $15,500 and $17,500 respectively.
"There is a decent chance we are going through another major capitulation low as we speak," PlanC said. "It seems like the ultimate low will be between $75,000 and $80,000," he added.
At the same time, Rajat Soni, a Bitcoin advocate and financial accountant, posted on X this Saturday suggesting that the decline to $77,000 occurred during a characteristically volatile period for cryptocurrency markets, and cautioned traders about making hasty decisions.
"Never trust a weekend pump OR dump," Soni said. "Bitcoin will make a comeback when you least expect it," he added.
Bitcoin $60K price level may still be in play
On the other hand, certain market observers have been suggesting that the price decline might extend even further.
Seasoned trader Peter Brandt has recently put forward a prediction suggesting Bitcoin might descend to levels as low as $60,000 by the third quarter of 2026.
Cryptocurrency analyst Benjamin Cowen has indicated that the market cycle low for Bitcoin will most likely materialize in early October, though he "anticipates plenty of rallies will occur between now and then."
In the meantime, Jurrien Timmer, who serves as Fidelity's director of global macroeconomic research, has suggested that 2026 might prove to be a "year off" for Bitcoin, with the possibility of prices declining to levels as low as $65,000.