Bitcoin fell to $77,000 after a 7% drop, with analysts saying the move may mark the deepest pullback of the current market cycle.
Bitcoin’s recent drop to $77,000 may have marked the lowest point of the current market cycle, according to one analyst.
The decline happened during a volatile weekend period and erased more than $2 billion from the crypto market.
While some observers expect further weakness, others believe the sharp pullback could represent a temporary bottom.
Analyst suggests $77,000 may mark cycle low
Bitcoin fell about 7% on Saturday, reaching roughly $77,000 before stabilizing near $78,600, based on CoinMarketCap data.
Analyst PlanC said the move could represent the deepest pullback of the ongoing bull phase. He shared this view in a public post on X during the weekend session.
PlanC compared the recent drop with prior market downturns seen in earlier years.
He pointed to events such as the 2018 market collapse, the March 2020 sell-off, and the decline after the FTX failure. He said these periods also showed sharp falls followed by recovery phases.
“There is a decent chance we are going through another major capitulation low as we speak,” PlanC said.
He added that the final low may sit between $75,000 and $80,000. His comments suggest the market may already be close to that range.
Market data shows broader weakness
Bitcoin is down about 11% over the past 30 days, according to market data providers. The asset is also trading around 38% below its all-time high of $126,100.
That peak was recorded earlier in October during a period of strong momentum.
The decline came alongside heavy liquidations across crypto markets. Reports show that leveraged positions were closed rapidly during the sell-off. This contributed to the sharp move and added to short-term pressure.
Despite the drop, trading activity remained steady after the initial fall. Prices moved slightly higher following the weekend session. This behavior has led some traders to watch for signs of price stabilization.
Related Reading: BTC Selling Pressure Fades as Binance Inflows Fall Below 2020 Levels
Other analysts warn of possible downside
Not all market watchers agree that the law is already in place.
Veteran trader Peter Brandt has said Bitcoin could still fall further. He recently projected a possible move toward $60,000 by the third quarter of 2026.
Crypto analyst Benjamin Cowen has also shared a cautious view. He said the market cycle low may arrive later in the year.
However, he noted that several rallies could occur before that point.
Fidelity’s Jurrien Timmer has taken a longer-term perspective. He said 2026 could be a slower year for Bitcoin.
Timmer added that prices could revisit levels near $65,000 under certain conditions.
Weekend volatility and trader caution
Bitcoin advocate and accountant Rajat Soni commented on the timing of the drop. He noted that weekends often bring higher volatility.
He warned traders against reacting quickly to short-term price moves.
“Never trust a weekend pump or dump,” Soni said in a public post. He also said Bitcoin often rebounds when sentiment turns negative. His remarks focused on patience rather than price targets.
The market remains divided as Bitcoin trades near $78,000. Some see the recent move as a completed pullback.
Others continue to watch for additional downside as the cycle develops.
Source: https://www.livebitcoinnews.com/bitcoins-deepest-pullback-may-be-over-analyst-points-to-77k-bottom/
