Bitcoin Price Plunges to $77,000: Is This the Cycle’s Bottom?

Updated

February 2, 2026

Gambar Bitcoin Price Plunges to $77,000: Is This the Cycle’s Bottom?

Jakarta, Pintu News – The crypto market was rocked again when Bitcoin slumped around 7% to the $77,000 area on Saturday, triggering panic sentiment and wiping out more than $2,000,000,000 from the crypto market capitalization. Amidst the volatility, Bitcoin analyst PlanC thinks this drop could be the deepest correction opportunity in the current bull run.

However, that view is not entirely in line with a number of other analysts who still leave room for further downside. The debate comes down to one question: is $77,000 a solid base, or just a stopover before falling further?

PlanC Values $77,000 as Potential Bull Run Capitulation

PlanC thinks that the drop towards $77,000 could potentially be the deepest correction moment in this Bitcoin (BTC) bull run. He said there is a big chance that the market is forming a “big capitulation” which usually marks a turning point. According to him, the most plausible base area is in the range of $75,000 to $80,000. If this scenario is true, then the current phase can be viewed as a rare accumulation opportunity.

To strengthen his argument, PlanC compared the current situation with some extreme events in previous cycles. He recalled the 2018 capitulation when Bitcoin (BTC) fell to around $3,000. He also mentioned the March 2020 crash that brought the price to around $5,100. In addition, the collapse of the FTX exchange that pushed Bitcoin (BTC) to around $15,500 was used as an example that markets often form a bottom after major shocks.

Also read: XRP Price Prediction: Why $7 Target is Still Holding Despite Price Crash

Rajat Soni warns of false signal risk on weekends

Rajat Soni highlighted the timing of the drop, which was on a weekend that is known to be wilder in the crypto market. He warned that market participants should not easily believe in the “pump” or “dump” that occurs during this period. According to him, thinner liquidity can magnify price swings. This makes the movement appear dramatic, although it does not necessarily change the medium-term trend.

Soni also expressed confidence that Bitcoin (BTC) could recover when least expected. The statement is in line with historical patterns when negative sentiment peaks, then the price reverses.

However, he did not state a certain level as a basic guarantee. His main focus is to remind that emotional reactions are often the trigger for adverse decisions. In other words, weekend volatility is more accurately read as a signal of risk, not directional certainty.

Also read: Ethereum (ETH) Freefalls Below $2,500, Crypto Analysts Forecast $2,000 Break?

Other Analysts Still Open Scenario to Drop to $65,000-$60,000

On the other hand, a number of analysts still think there is room for decline. Veteran trader Peter Brandt estimates that Bitcoin (BTC) could slide to $60,000 by the third quarter of 2026. The projection shows that a long correction is still possible even though the bull run has not completely ended. This view places the $77,000 level as a stopover point, not the end line of the decline.

If history is any indication, the market cycle low for Bitcoin will occur between October 3rd to October 11th of 2026, plus or minus a few days.

I'm sure plenty of rallies will occur between now and then.
— Benjamin Cowen (@intocryptoverse) January 31, 2026

Crypto analyst Benjamin Cowen also expects the market’s cyclical bottom to likely appear as early as October, though he anticipates there will be plenty of rallies between those periods. Meanwhile, Jurrien Timmer of Fidelity called 2026 a potential “pause year” for Bitcoin (BTC).

He even opens up the possibility of prices dropping to around $65,000 if macro conditions and market sentiment are not favorable. This combination of views confirms that the market is still in a tug-of-war phase between a quick recovery and a prolonged correction.

Conclusion

Bitcoin’s (BTC) drop to $77,000 brings out two major camps: those who see it as capitulation and the best chance of a bull run, and those who think a deeper drop is still realistic. PlanC puts the potential bottom at $75,000 to $80,000, while other projections point to $65,000 and even $60,000 by 2026.

Rajat Soni’s warning about weekend volatility adds context that short-term moves can be misleading. Ultimately, the next direction will be heavily influenced by an ever-changing combination of sentiment, liquidity and macro dynamics.

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*Disclaimer

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