Bitcoin Drops Below $80,000 Amid Bearish Predictions from Analysts

Bitcoin (BTC) has recently dipped below $80,000, raising concerns among analysts about its future trajectory. Notably, analyst Benjamin Cowen has indicated that two out of nine steps in his bearish roadmap for 2026 have been completed, including a weekly close below $83,000 and a recent price fakeout on October 25.

Cowen's analysis suggests that the next critical steps depend on upcoming economic events, particularly the Federal Open Market Committee's (FOMC) decision on interest rates scheduled for October 28. He posits that if the Fed does not raise rates, it could influence Bitcoin's price movement significantly.

Additionally, the Bureau of Economic Analysis is set to release the September Personal Consumption Expenditures (PCE) price index on October 29, which Cowen anticipates will show a 'hot' reading. This, combined with rising oil prices due to geopolitical tensions, could further impact Bitcoin's price.

Another analyst, Rekt Capital, has warned that Bitcoin may struggle to break through resistance at $82,500, potentially leading to a drop into the $60,000 range. He suggests that Bitcoin could form the right shoulder of an inverse head-and-shoulders pattern, indicating a possible bullish reversal in the future.

As Bitcoin trades around $80,597, the market is closely watching these developments, with analysts predicting a possible correction below $70,000 before any significant recovery.