Bitcoin’s 7% Drop to $77K May Mark Cycle Low
Bitcoin may have found a floor after sliding roughly 7% to $77,000 over the weekend, according to analyst PlanC, who argues the move could mark the deepest pullback of the current bull cycle.In a post on X on Saturday, PlanC said there is a “decent chance” the latest drop represents a capitulation-style low rather than the start of a prolonged downturn.
Bitcoin briefly touched the $77,000 level before stabilizing and rebounding modestly to around $78,600, data from CoinMarketCap shows. Despite the bounce, the asset remains down more than 11% over the past month and roughly 38% below its October all-time high of $126,100.
PlanC compared the current price action to several historic drawdowns that ultimately preceded major recoveries. He pointed to the 2018 bear market capitulation near $3,000, the March 2020 COVID-driven crash to around $5,100, and the sharp declines following the FTX and Terra-Luna collapses, when Bitcoin briefly traded in the $15,500–$17,500 range.
“There is a decent chance we are going through another major capitulation low as we speak,” PlanC wrote, adding that his estimated range for a cycle bottom sits between $75,000 and $80,000.
In his view, the recent sell-off may represent a final shakeout rather than a structural shift in the broader trend. Others urged caution but echoed the view that weekend moves can exaggerate market sentiment. Bitcoin advocate and financial accountant Rajat Soni noted that the drop occurred during one of crypto’s most volatile trading windows.
