Bitcoin's roughly 7% drop to $77,000 on Saturday could have marked the underside of this cycle, in keeping with Bitcoin analyst PlanC.
This comes as other crypto analysts proceed to call for further downside for Bitcoin (BTC) in the approaching months.
“Good probability this shall be the deepest pullback opportunity on this Bitcoin bull run,” PlanC said in an X post on Saturday.
PlanC compares Bitcoin's decline to previous bear market cycles
According to CoinMarketCap, Bitcoin fell 7% to around $77,000 on Saturday and has since increased barely to $78,690 on the time of publication.
Bitcoin is down 11.44% within the last 30 days. Source: CoinMarketCap
The asset's price is now around 38% below its all-time high of $126,100, which it reached on October fifth. PlanC said the downtrend Bitcoin has experienced reminds him of past crashes reminiscent of the 2018 bear market capitulation when Bitcoin fell to $3,000, the March 2020 crash when the asset fell to around $5,100, and the crypto exchange FTX collapse where Bitcoin fell to around $15,500.
“There’s a superb probability we’re seeing one other major capitulation bottom without delay,” PlanC said. “It looks as if the last word low shall be between $75,000 and $80,000,” he added.
Meanwhile, Bitcoin advocate and financial accountant Rajat Soni said in an X post on Saturday that the drop to $77,000 got here during one in every of the more volatile periods of the crypto week and warned traders against overreacting.
“Never trust a weekend pump OR a dump,” Soni said. “Bitcoin will make a comeback while you least expect it,” he added.
The $60,000 Bitcoin price level could still be in play
However, some have speculated that the crash could go further.
Veteran trader Peter Brandt recently predicted that Bitcoin could fall as little as $60,000 by the third quarter of 2026.
Crypto analyst Benjamin Cowen said the underside of the Bitcoin market cycle will likely be reached in early October, but “expects there shall be loads of upside to come back between from time to time.”
Meanwhile, Jurrien Timmer, director of world macroeconomic research at Fidelity, said 2026 might be a “free yr” for Bitcoin, with prices potentially falling as little as $65,000.
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