Bitcoinโs fall of around 7% to $77,000 on Saturday might have marked the low of this cycle, according to Bitcoin analyst PlanC.
It comes as other crypto analysts have been calling for further downside for Bitcoin (BTC) in the coming months.
โDecent chance this will be the deepest pullback opportunity this Bitcoin bull run,โ PlanC said in an X post on Saturday.
PlanC compares Bitcoinโs fall to previous bear market cycles
Bitcoin fell 7% to around $77,000 on Saturday and has since slightly moved up to $78,690 at the time of publication, according to CoinMarketCap.
The assetโs price is now down around 38% from its all-time high of $126,100, which it reached on Oct. 5. PlanC said the downtrend Bitcoin has experienced reminds him of past crashes like 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 FTX and Luna collapses, which saw BTC dip to around $15,500 and $17,500 respectively.
โThere is a decent chance we are going through another major capitulation low as we speak,โ PlanC said. โIt seems like the ultimate low will be between $75,000 and $80,000,โ he added.
Meanwhile, Bitcoin advocate and financial accountant Rajat Soni said in an X post on Saturday that the drop down to $77,000 came during one of cryptoโs more volatile parts of the week and warned traders against overreacting.
โNever trust a weekend pump OR dump,โ Soni said. โBitcoin will make a comeback when you least expect it,โ he added.
Bitcoin $60K price level may still be in play
However, some have been speculating that the downfall may go further.
Veteran trader Peter Brandt recently predicted that Bitcoin could fall as low as $60,000 by the third quarter of 2026.ย
Related: Bitcoin crashes below $76K Strategy cost basis in $2B liquidation event
Crypto analyst Benjamin Cowen said Bitcoinโs market cycle low will likely come in early October, but โanticipates plenty of rallies will occur between now and then.โ
Meanwhile, Jurrien Timmer, Fidelityโs director of global macroeconomic research, said 2026 could be a โyear offโ for Bitcoin, with prices potentially falling to as low as $65,000.
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