Bitcoin retracement to $70K seen as part of bull market correction

Bitcoin's (CRYPTO:BTC) potential decline to $70,000 is being interpreted by analysts as a natural correction within the ongoing bull market, despite concerns about a possible shift to bearish trends.

The cryptocurrency has faced a 14% drop over the past week, closing at approximately $80,708.

This decline followed investor disappointment over the lack of direct federal Bitcoin investments in former President Donald Trump’s March 7 executive order, which focused on using forfeited cryptocurrency assets to create a Bitcoin reserve.

Aurelie Barthere, a principal research analyst at Nansen, explained that the current market movements are part of a broader "macro correction" affecting both cryptocurrencies and global markets.

“This is a macro correction... so we have to monitor BTC. Next level will be $71,000 - $72,000, top of the pre-election trading range,” she stated.  

Barthere emphasised that the correction remains consistent with a bull market trajectory, noting that recession fears and fiscal uncertainties are influencing market sentiment.  

Other analysts have echoed similar views.  

Iliya Kalchev from Nexo suggested that Bitcoin could retrace further into the low $70,000 range, which might provide a stronger foundation for future recovery.  

Arthur Hayes, co-founder of BitMEX (CRYPTO:BMEX), described such a retracement as typical for a bull market.  

"$BTC likely bottoms around $70k. 36% correction from $110k ATH [all-time high], v normal for a bull market,” Hayes remarked in a March 11 post.

Hayes also pointed out that central bank policies such as quantitative easing could play a role in Bitcoin's longer-term price recovery.

Historically, monetary easing has positively impacted Bitcoin prices.

For instance, during the Federal Reserve’s quantitative easing measures in 2020, Bitcoin surged from $6,000 in March to $69,000 by November 2021.

Despite short-term volatility, analysts remain optimistic about Bitcoin's future performance.

Predictions for late 2025 suggest prices could rise significantly, with estimates ranging between $160,000 and $180,000.

While retracements may cause temporary unease among investors, experts argue they are part of the natural dynamics of an extended bull market cycle.

At the time of reporting, the Bitcoin (BTC) price was $82,876.11.