Emre Yumlu 
The sharp decline in Bitcoin price over the weekend has reignited an old but critical debate across crypto markets: has the bottom finally been reached, or is there more downside ahead? On Saturday, Bitcoin dropped nearly 7%, briefly touching the $77,000 level. While some analysts see this move as the deepest correction of the current bull cycle, others remain cautious.
“This Could Be the Deepest Pullback of the Cycle”
Bitcoin analyst PlanC argues that the recent decline may represent a significant cyclical low. According to his assessment, the current price structure closely resembles major capitulation phases observed in previous market cycles.
PlanC points to historical moments such as the 2018 bear market, when Bitcoin fell to around $3,000, the March 2020 pandemic-driven crash near $5,100, and the FTX collapse that pushed prices down to roughly $15,500. In his view, the market may once again be undergoing a similar “capitulation” process. Based on these comparisons, PlanC believes the ultimate bottom could form within the $75,000–$80,000 range.
At the time of writing, Bitcoin is trading near $78,690. This places the asset approximately 38% below its all-time high of $126,100, recorded on October 5.
Weekend Volatility: A Word of Caution
Bitcoin advocate and financial accountant Rajat Soni has drawn attention to the timing of the move. He emphasizes that weekends are among the most volatile periods for crypto markets, often producing exaggerated price swings.
Soni warns that sharp weekend rallies or sell-offs can be misleading and advises traders not to overreact. Historically, Bitcoin has tended to recover at moments when market sentiment is at its weakest, making emotionally driven decisions particularly risky during periods of heightened fear.
Is a Deeper Decline Still Possible?
Despite the argument for a local bottom, several market observers remain skeptical. Veteran trader Peter Brandt has suggested that Bitcoin could still fall as low as $60,000 by the third quarter of 2026. His outlook is based on longer-term chart structures rather than short-term sentiment.
Crypto analyst Benjamin Cowen shares a similarly cautious stance, projecting that the true market cycle low may emerge in early October. However, he also notes that multiple relief rallies are likely to occur before that point.
Adding to the cautious outlook, Fidelity’s Director of Global Macro Research, Jurrien Timmer, has described 2026 as a potential “pause year” for Bitcoin. In this scenario, prices could drift toward the $65,000 level as the market consolidates.
A Market at a Crossroads
While the $77,000 region is seen by some as a strong support zone, the broader outlook remains uncertain. With conflicting analyst views and elevated volatility, Bitcoin appears to be at a critical juncture. The coming months are likely to test investor patience as the market searches for a clearer direction.
This content does not constitute investment advice.
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