Her husband said he was also threatened with a punch to the face.
The couple who do not want to be named, only made it home thanks to a good Samaritan.
The incident happened earlier this month.
The couple were walking along the footpath not far from Volunteer’s Green when, they said, a cyclist came up behind them, knocking down the woman.
He said: “MY wife was knocked out, dazed, coming in and out of consciousness, and very shocked by the whole ordeal.
"The cyclist claimed that she had backed into him, which is ridiculous as we are not prone to walking backwards.
"When I challenged him he became very aggressive and threatened to punch me in my mouth.
"I can tell you that I wasn’t widely keen on being punched in the mouth! He then rode off like the wind.”
The couple were assisted by a good Samaritan who offered to take them home where they called the police.
He added: “I didn’t have a sense to take a description of the cyclist as it happened so quickly.”
"Something has to be done about these cyclists on the pavement - they are an absolute menace.”
The couple contacted Councillor Alistair Cameron to see if anything could be done about improving safety for walkers.
Cllr Cameron said: “The gentleman was obviously extremely concerned about the health and wellbeing of his wife after this most unfortunate, avoidable accident.
“The last thing I would like to see is a limit on the use of bikes around the town. On this occasion the couple were the victim of a very nasty hit and run.
"We do have ongoing problem with a small minority of cyclists who seem to believe they can cycle where they like, but I must stress that the vast number do respect the space for others.
"I certainly hope we don’t have a repeat of this incident which could have been much more serious.”