Bitcoin Price Plunges Below $76K Amid CLARITY Act Setback
Bitcoin's price dropped below $76,000 after the US Senate failed to advance the CLARITY Act, reigniting fears of a potential market downturn. Veteran trader Peter Brandt previously predicted that Bitcoin would bottom out on October 4th, potentially in the high-$40,000 range.
Brandt based his forecast partly on Bitcoin's historical four-year cycle, which has seen bull markets peak between 16 and 18 months after a halving, followed by a downturn lasting approximately one year. The latest record was set on October 6, 2025, about 18 months after the April 2024 halving.
The Senate's failure to advance the CLARITY Act, which aimed to provide clarity for cryptocurrency investors and businesses, has removed some of the regulatory optimism that had supported Bitcoin's late-summer recovery. Institutional demand also weakened, with US-spot Bitcoin exchange-traded funds recording approximately $450 million in net outflows on Tuesday.