Bitcoin analyst PlanC believes that the fall in Bitcoin on Saturday of around 7 percent to $77,000 may have been the lowest point of this cycle.
Other crypto analysts had been calling for further downwards movement for Bitcoin.BTC( ) will be released in the coming weeks.
“Decent chance this will be the deepest pullback opportunity this Bitcoin bull run,” PlanC said On Saturday, X posted a message.
PlanC compares Bitcoin’s drop to previous bear markets
Bitcoin dropped 7% on Saturday to about $77,000 and is now slightly higher at $78,690 as of the publication date. according CoinMarketCap is a great place to start.
Price of the asset is currently down by 38% compared to its previous high price of $126,100 reached on October 5. PlanC says the downward trend Bitcoin is experiencing reminds him past crashes, such as the bear market capitulation in 2018, when Bitcoin dropped to $3,000. The March 2020 crash, when it fell to $5,100. And the FTX/Luna collapses where BTC fell to $15,500 or $17,500.
“There is a decent chance we are going through another major capitulation low as we speak,” PlanC is said. “It seems like the ultimate low will be between $75,000 and $80,000,” He also added.
Rajat Soni, a financial advisor and Bitcoin enthusiast said The X posted on Saturday warned against traders overreacting to the fall down to $77,000. This was during the more volatile part of the week for crypto.
“Never trust a weekend pump OR dump,” Soni said. “Bitcoin will make a comeback when you least expect it,” “He added.”
Bitcoin price of $60K may still remain in play
Some have speculated that this downfall could be even worse.
Veteran trader Peter Brandt recently predicted Bitcoin’s price could drop to $60,000 in the third quarter 2026.
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Crypto analyst Benjamin Cowen said Bitcoin’s low point in the market cycle will probably come early October. “anticipates plenty of rallies will occur between now and then.”
Jurrien Tem, Fidelity’s Director of Global macroeconomic researchThe year 2026 is a possibility. “year off” Bitcoin prices could fall as low as $65,000.
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Source: cointelegraph.com
