According to Bitcoin analyst PlanC, Bitcoin’s decline of about 7% to $77,000 on Saturday could mark a low for this cycle.
This comes as other cryptocurrency analysts continue to call for further declines for Bitcoin (BTC) in the coming months.
“Decent Chance This Will Be the Deepest Pullback Chance in Bitcoin Bull Run,” PlanC he said in post X on Saturday.
PlanC compares Bitcoin’s decline to previous bear market cycles
Bitcoin fell 7% on Saturday to around $77,000 and has since risen slightly to $78,690 at press time, According to to CoinMarketCap.
The asset’s price is currently down approximately 38% from its all-time high of $126,100, which it reached on October 5. PlanC said the downtrend that Bitcoin has experienced reminds it of previous crashes, such as 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 crash which saw BTC fall to around $15,500 and $17,500 respectively.
“There is a good chance that we are currently experiencing another serious capitulation low,” PlanC said. “It looks like the low end will be between $75,000 and $80,000,” he added.
Meanwhile, Bitcoin advocate and financial accountant Rajat Soni he said in X’s Saturday post that the drop to $77,000 came during one of the more volatile parts of the week in the cryptocurrency market, and warned traders against overreacting.
“Never trust a weekend pump OR a dump,” Soni said. “Bitcoin will come back when you least expect it,” he added.
Bitcoin price level of 60 thousand. dollars may still be in play
However, some speculate that the decline may deepen.
Veteran trader Peter Brandt recently predicted that Bitcoin could fall as low as $60,000 by the third quarter of 2026.
Related: Bitcoin falls below the strategy’s cost base of 76,000. dollars in a $2 billion liquidation
Crypto analyst Benjamin Cowen he said The bottom of the Bitcoin market cycle will likely occur in early October, but “many upsides are expected to occur by then.”
Meanwhile, Jurrien Timmer, director of global macroeconomic research at Fidelity, said that 2026 could be a “slow year” for Bitcoin, with prices possibly falling to as low as $65,000.
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