Bitcoin’s recent drop to $77,000 has sparked intense debate among analysts, with some suggesting the correction may already be the deepest pullback of the current bull market, while others warn that further downside could still be ahead.
The flagship cryptocurrency fell roughly 7% over the weekend, wiping out more than $2 billion from the broader crypto market. Despite the sharp decline, Bitcoin has since stabilized near $78,700, according to CoinMarketCap data. Even so, BTC remains down over 11% in the past 30 days and approximately 38% below its all-time high of $126,100 reached in early October.
Analysts Say $75K–$80K Could Mark a Major Bitcoin Bottom
Bitcoin analyst PlanC believes the recent move lower may represent a key capitulation point in this market cycle. In a post shared on X, PlanC said there is a “decent chance” the drop to $77,000 could be the deepest pullback of the ongoing bull run.
He compared the current price action to previous market-wide capitulation events, including the 2018 bear market low near $3,000, the March 2020 crash to around $5,100, and the sharp declines following the Luna and FTX collapses, when Bitcoin dipped into the $15,000–$17,000 range.
According to PlanC, Bitcoin may now be experiencing a similar shakeout, with the ultimate cycle low potentially forming between $75,000 and $80,000. If this range holds, it could present a significant accumulation opportunity for long-term investors.
Bitcoin advocate and financial accountant Rajat Soni also cautioned traders against overreacting to weekend volatility. He warned that weekend price moves are often unreliable and reminded investors that Bitcoin tends to recover when sentiment is most pessimistic.
Some Analysts Warn Bitcoin Could Still Fall Toward $60K
Despite optimism from some market watchers, others remain cautious and believe Bitcoin may face additional downside before finding a lasting bottom.
Veteran trader Peter Brandt has suggested that Bitcoin could decline as low as $60,000 by the third quarter of 2026, pointing to historical market cycles and long-term chart patterns. Similarly, crypto analyst Benjamin Cowen expects the market cycle low to arrive around early October, though he anticipates multiple relief rallies along the way.
Adding to the cautious outlook, Fidelity’s director of global macroeconomic research, Jurrien Timmer, has said that 2026 could be a consolidation or “year off” for Bitcoin. Under that scenario, prices could potentially fall toward the $65,000 level before resuming a longer-term uptrend.
