Key Takeaways

• Bitcoin dropped 7% to $77,000, sparking a $2 billion market wipeout and peak investor fear.

• PlanC suggests this is the “deepest pullback” of the bull run, while Peter Brandt warns of a dip to $60,000.

• Current prices are down 38% from the October 2025 all-time high of $126,100.

Crypto just had its own “Black Saturday,” and it wasn’t pretty. Bitcoin pulled a disappearing act, dropping 7% and tagging a fresh cycle low of $77,000. That single move nuked more than $2 billion in open interest, catching a huge chunk of the market off-guard. But if you look at the “OG” analysts, they aren’t panicking.

In fact, most are keeping their cool, treating this more like a standard weekend shakeout than a total catastrophe. For many, this correction is a healthy and expected part of a broader bull market that has been overheating since late 2025. As price volatility spikes, the community is once again divided: is this a final “capitulation” before a run to new highs, or the beginning of a prolonged bear winter that could see prices fall much further?

PlanC compares Bitcoin’s fall to previous bear market cycles

One of the most vocal bulls in the current environment is the analyst known as PlanC. In a series of viral posts, PlanC argued that the $77,000 level represents the “deepest pullback opportunity” of this entire cycle. If you look back at the 2018 bottom or the chaos of the FTX collapse, you’ll see a pattern: the most intense “pain” usually happens right before a massive turnaround. That’s exactly what some analysts think we’re seeing now—a capitulation low that clears the deck for the next leg up.

Sure, seeing Bitcoin sitting 38% under its $126,100 high from last October is a tough pill to swallow, but the “diamond hands” crowd insists the big picture is still solid. Financial accountant Rajat Soni also dropped a reality check, reminding everyone that weekend price swings are often just noise. He sticks to the classic trader’s rule: “never trust a weekend dump.” For those who believe Bitcoin’s six-figure days are coming back, this is just another test of nerves.

Bitcoin $60K price level may still be in play

Despite the prevailing bullish sentiment, high-profile skeptics are emerging. Veteran analyst Peter Brandt recently made waves by forecasting a Bitcoin correction toward $60,000 as we move into the second half of 2026. This target would represent a deeper correction than many are psychologically prepared for. Fidelity’s Jurrien Timmer has similarly suggested that 2026 might be a “year off” for the asset, potentially dragging prices down to the $65,000 range as macroeconomic pressures weigh on risk assets.

Even Benjamin Cowen, known for his data-driven approach, anticipates that the absolute market cycle low might not be reached until early October. With the Crypto Fear & Greed Index currently sitting firmly in “Fear” territory, the market sentiment is brittle. Investors are now caught between the fear of missing out on a bottom and the fear of catching a falling knife as the $77,000 support level is put to the ultimate test.

Final Thoughts

In crypto, the “blood in the streets” is often the signal to buy, but with $60,000 looming in some models, you might want to keep your seatbelt fastened.

Frequently Asked Questions

Is $77,000 the bottom for Bitcoin?
Analyst PlanC believes it is the cycle low, but others like Peter Brandt anticipate a further drop to $60,000.

What was Bitcoin’s all-time high?
Bitcoin reached a record high of $126,100 on October 5, 2025.

What caused the recent price drop?
Analysts cite a combination of weekend low liquidity, capitulation selling, and macroeconomic uncertainty as primary drivers.