Bitcoin May Have Touched Its Cycle Low at $77,000, Analyst Suggests
The flagship cryptocurrency slid roughly 7 % on Saturday, sparking speculation that the market could be approaching the deepest correction of the current bull run.
A sharp pull‑back amid a broader downtrend
Bitcoin’s price dropped to the low‑70 k range on Saturday, briefly touching $77,000 before edging back above $78,000 at the time of writing. The move represents a 38 % decline from the all‑time high of $126,100 set in early October 2023 and an 11.44 % slide over the past 30 days, according to data from CoinMarketCap.
PlanC, a well‑known Bitcoin analyst, posted on X that there is a “decent chance this will be the deepest pullback opportunity this Bitcoin bull run.” He likened the current trajectory to past capitulation phases—such as the 2018 crash that drove BTC to $3,000, the March 2020 dip to $5,100, and the turbulence following the FTX and Luna collapses, which saw the price dip to the $15k‑$17k band.
“The ultimate low is likely to settle somewhere between $75,000 and $80,000,” PlanC wrote, suggesting that the market may have already reached a floor for this cycle.
Contrasting forecasts from the crypto community
While PlanC sees $75‑$80k as a plausible bottom, other market participants remain cautious:
| Analyst / Trader | Outlook | Timeframe | Key Point |
|---|---|---|---|
| Rajat Soni (financial accountant) | Warns against over‑reacting to weekend volatility | Immediate | “Never trust a weekend pump or dump; Bitcoin will rebound when least expected.” |
| Peter Brandt (veteran trader) | Projects a deeper decline to $60,000 | Q3 2026 | Views the $77k move as part of a longer‑term downtrend. |
| Benjamin Cowen (crypto analyst) | Anticipates the cycle low in early October, with multiple rallies before then | Late 2024 | Expects a series of short‑term recoveries ahead of the final trough. |
| Jurrien Timmer (Fidelity macro researcher) | Sees 2026 as a possible “year off” for Bitcoin, with lows near $65,000 | 2026 | Highlights macro‑economic headwinds that could press prices lower. |
The divergence of opinions underscores the uncertainty surrounding Bitcoin’s medium‑term trajectory. While some analysts are betting on a short‑term floor around the $75k mark, others forecast a protracted correction that could push the price well below $70,000.
What the numbers suggest
- Market sentiment: The recent dip followed a period of heightened volatility typical of weekends, when liquidity can thin and price swings amplify.
- Technical perspective: The $75k‑$80k band aligns with several historical support zones, including the 0.618 Fibonacci retracement of the 2023 rally. A decisive hold above this range could signal the start of a rebound, whereas a break below $75k may trigger further downside pressure.
- Fundamental backdrop: No major on‑chain developments have been announced that would fundamentally alter Bitcoin’s supply‑demand dynamics; the move appears driven largely by market psychology and external macro factors.
Key takeaways
- Potential bottom identified: Analyst PlanC believes the market may have already found its deepest pullback at $77,000, with a reasonable floor between $75,000 and $80,000.
- Divergent longer‑term views: Other seasoned voices forecast further declines, ranging from $60,000 to $65,000, but generally agree that price action will remain volatile.
- Watch for validation: Confirmation will likely come from price stability above the $75k support level and the emergence of short‑term bullish momentum.
- Risk management remains crucial: Given the heightened volatility typical of weekend trading, investors are urged to avoid overreacting to short‑term moves and to maintain disciplined risk controls.
As the market digests the latest dip, traders and investors will be closely monitoring price action around the $75,000‑$80,000 zone for signs of either a sustained recovery or a continuation of the downtrend. The coming weeks should provide clearer direction on whether Bitcoin has truly bottomed out or if further capitulation lies ahead.
Source: https://cointelegraph.com/news/bitcoin-s-price-may-have-seen-deepest-pullback-at-77k-analyst?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
