Bitcoin’s decline of about 7% to $77,000 on Saturday may have marked the low of this cycle, according to Bitcoin analyst PlanC.
This comes as other cryptocurrency analysts continue to call for a further decline in Bitcoin (BTC) in the coming months.
“Good chance this is the deepest pullback opportunity in this Bitcoin bull run,” PlanC said in an X post on Saturday.
PlanC compares Bitcoin’s fall to previous bear market cycles
Bitcoin fell 7% to about $77,000 on Saturday and has since risen slightly to $78,690 at press time, according to CoinMarketCap.
The asset’s price is now down roughly 38% from its all-time high of $126,100, which it reached on October 5. $15,500 and $17,500 respectively.
“There’s a good chance we’re going through another major capitulation as we speak,” PlanC said. He added, “It appears that the final minimum will be between $75,000 and $80,000.”
Meanwhile, Bitcoin advocate and financial accountant Rajat Soni said in an X post on Saturday that the drop to $77,000 came during one of the most volatile periods of the week in cryptocurrencies, and warned traders against overreacting.
“Never trust a weekend pump or dump,” Sonny said. “Bitcoin will come back when you least expect it,” he added.
The $60,000 Bitcoin price level may still be in play
However, some have speculated that the decline may go further.
Veteran trader Peter Brandt recently predicted that Bitcoin would fall to the $60,000 level by the third quarter of 2026.
Related to: Bitcoin Crashes Below $76K Based on Strategy Cost in $2B Liquidation Event
Cryptocurrency analyst Benjamin Cowen said the bottom of the Bitcoin market cycle is likely to come in early October, but he “expects a lot of upside between now and then.”
Meanwhile, Jurian Timmer, director of global macroeconomic research at Fidelity, said 2026 could be a “vacation year” for Bitcoin, with prices potentially falling as low as $65,000.
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