Bitcoin experienced a sharp decline over the weekend, plunging below $80,000 to an alarming low of $75,650. This marks the cryptocurrency”s lowest value since April 2025 and represents a staggering loss of over 30% from its peak of $126,100 in October 2024.
The recent selloff has wiped out approximately $111 billion from the total cryptocurrency market capitalization within just 24 hours, according to data from CoinGecko. Additionally, around $1.6 billion in leveraged positions were liquidated, predominantly affecting Bitcoin and Ethereum, as reported by market tracker Coinglass.
Market analysts attribute this downturn to thinning liquidity and a notable decline in buying interest. Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, highlighted that Bitcoin”s realized capitalization appears stagnant, suggesting a halt in new investments. Ju stated, “When market cap falls without realized cap growing, that”s not a bull market.”
Profit-taking by long-term holders has also contributed to the downward pressure. Many early Bitcoin adopters have enjoyed substantial unrealized gains following a significant uptick in buying activity from spot Bitcoin exchange-traded funds and strategies employed by notable investors like Michael Saylor. As demand has waned, this selling pressure has intensified.
Amid differing opinions on the future trajectory of Bitcoin, analyst PlanC indicated that the recent drop could signify the bottom of the current cycle. He compared the situation to previous market crashes, suggesting that the ultimate low might fall between $75,000 and $80,000. Other analysts, however, remain cautious, with some predicting potential declines to as low as $60,000.
Veteran trader Peter Brandt has suggested that Bitcoin might experience further declines, while analyst Benjamin Cowen anticipates that the market cycle low for Bitcoin could occur between October 3rd and October 11th of 2026, implying that traders might see multiple rallies before that time.
Despite a weaker U.S. dollar and rising gold prices, Bitcoin has failed to rally, indicating persistent selling pressure without any new capital inflow. Ki Young Ju projects that the current bearish trend may lead to a prolonged phase of sideways trading rather than a rapid recovery.
As Bitcoin now trades at approximately $78,690, it remains down 38% from its all-time high of $126,100 achieved on October 5, 2024. The market remains apprehensive, with many traders waiting to see if there will be a significant turnaround in the coming weeks.
