Bitcoin $70k retracement part of “macro correction” within bull market: analysts

Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor concerns regarding the early arrival of the bear market cycle.Bitcoin fell over 14% during the past week to close around $80,708 after investors were disappointed with the lack of direct federal Bitcoin investments in President Donald Trump’s March 7 executive order that outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases.Despite the drop in investor sentiment, cryptocurrencies and global markets remain in a “macro correction” as part of the bull market, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.Most cryptocurrencies have broken key support levels, making it hard to estimate the next key price levels, the analyst told Cointelegraph, adding:“This is a macro correction (US tech will be down by 3% in the future, as discussed), so we have to monitor BTC. Next level will be $71,000 - $72,000, top of the pre-election trading range.”“We are still in a correction within a bull market: stocks and crypto have realized and are pricing; a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up,” added the analyst.Other analysts have also warned that Bitcoin may experience a deeper retracement toward the “low $70,000’s range, which may “provide a foundation for a more sustainable recovery,” Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo, told Cointelegraph.Bitcoin's 36% correction to $70k "normal” for a bull market: Arthur HayesBitcoin’s potential retracement to the $70,000 psychological mark would still fall within the regular price movement of a bull market, according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.Hayes wrote in a March 11 X post:“Be fucking patient. $BTC likely bottoms around $70k. 36% correction from $110k ATH, v normal for a bull market.”“THEN we get Fed, PBOC, ECB, and BOJ all easing to make their country great again,” added Hayes, referring to quantitative easing, a monetary policy where central banks increase the money supply by buying government bonds and other financial assets.Quantitative easing has historically been positive for Bitcoin price.Bitcoin price rose over 1,050% during the last quantitative easing period, from just $6,000 in March 2020 to $69,000 by November 2021, after the Federal Reserve’s quantitative easing policy was announced during the Covid-19 pandemic on March 23, 2020, buying over $4 trillion worth of assets such as treasuries.Analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions ranging from $160,000 to above $180,000.