Bitcoin’s potential retracement to $70,000 could also be an natural half of the present bull market, regardless of crypto investor considerations of an early arrival of a bear market cycle.
Bitcoin (BTC) fell greater than 14% in the course of the previous week to shut round $80,708 after traders had been disillusioned with the shortage of direct federal Bitcoin investments in President Donald Trump’s March 7 govt order that outlined a plan to create a Bitcoin reserve utilizing cryptocurrency forfeited in authorities legal circumstances.
Regardless of the drop in investor sentiment, cryptocurrencies and world markets stay in a “macro correction” as a part of the bull market, in line with Aurelie Barthere, principal analysis analyst on the Nansen crypto intelligence platform.
BTC/USD, 1-month chart. Supply: Cointelegraph
Most cryptocurrencies have damaged key help ranges, making it arduous to estimate the following key worth ranges, the analyst advised Cointelegraph, including:
“It is a macro correction (US tech will likely be down by 3% sooner or later, as mentioned), so we have now to observe BTC. Subsequent stage will likely be $71,000 – $72,000, high of the pre-election buying and selling vary.”
“We’re nonetheless in a correction inside a bull market: Shares and crypto have realized and are pricing; a interval of tariff uncertainty and financial cuts, no Fed put. Recession fears are popping up,” added the analyst.
Different analysts have additionally warned that Bitcoin may experience a deeper retracement towards the “low $70,000’s vary, which can “present a basis for a extra sustainable restoration,” Iliya Kalchev, dispatch analyst at digital asset funding platform Nexo, advised Cointelegraph.
Associated: Bitcoin reserve backlash signals unrealistic industry expectations
Bitcoin correction to $70,000 “regular” for a bull market: Arthur Hayes
Bitcoin’s potential retracement to the $70,000 psychological mark would nonetheless fall inside the common worth motion of a bull market, in line with Arthur Hayes, co-founder of BitMEX and chief funding officer of Maelstrom.
Hayes wrote in a March 11 X post:
“Be fucking affected person. $BTC doubtless bottoms round $70k. 36% correction from $110k ATH, v regular for a bull market.”
Supply: Arthur Hayes
“Then we get Fed, PBOC, ECB, and BOJ all easing to make their nation nice once more,” added Hayes, referring to quantitative easing, a financial coverage the place central banks improve the cash provide by shopping for authorities bonds and different monetary property.
Associated: Bitcoin may benefit from US stablecoin dominance push
Quantitative easing has traditionally been optimistic for Bitcoin worth.
Bitcoin’s worth rose over 1,050% over the last quantitative easing interval, from simply $6,000 in March 2020 to $69,000 by November 2021, after the Federal Reserve’s quantitative easing coverage was announced in the course of the COVID-19 pandemic on March 23, 2020, shopping for over $4 trillion price of property similar to treasuries.
BTC/USD, 1-week chart, 2020-2021. Supply: Cointelegraph/TradingView
Analysts remained optimistic about Bitcoin’s worth trajectory for late 2025, with worth predictions ranging from $160,000 to above $180,000.
Journal: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1
