03-11-2025, 10:05 PM
Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTg0YjgtNzlkZC03NDk3LWExN2EtN2Q0ODkxNzYyMzhm.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTg0YjgtNzlkZC03NDk3LWExN2EtN2Q0ODkxNzYyMzhm.jpg" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"></p><p>Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor concerns of an early arrival of a bear market cycle.<p>Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) fell more than 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.</p><p>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.</p><figure><img src="https://s3.cointelegraph.com/uploads/2025-03/019584d8-1f84-7abc-bf01-bb5e51cae26d" title="" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"><figcaption style="text-align: center;"><p><em>BTC/USD, 1-month chart. Source: Cointelegraph</em></p></figcaption></figure><p>Most cryptocurrencies have broken key support levels, making it hard to estimate the next key price levels, the analyst told Cointelegraph, adding:</p><blockquote>“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.”</blockquote><p>“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.</p><p>Other analysts have also warned that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bottom-72k-crypto-investor-sentiment-3-year-low" rel="null" target="null" text="null" title="null">Bitcoin may experience a deeper</a> retracement toward the “low $70,000’s range,” which Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo, told Cointelegraph could “provide a foundation for a more sustainable recovery.”</p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-bitcoin-reserve-disappoints-investors-trump-crypto-summit" rel="null" target="null" text="null" title="null"><em><strong>Bitcoin reserve backlash signals unrealistic industry expectations</strong></em></a></p><h2>Bitcoin correction to $70,000 “normal” for a bull market: Arthur Hayes</h2><p>Bitcoin’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.</p><p>Hayes wrote in a March 11 X <a data-ct-non-breakable="null" href="https://x.com/CryptoHayes/status/1899261481805566368" rel="null" target="null" text="null" title="null">post</a>:</p><blockquote>“Be fucking patient. $BTC likely bottoms around $70k. 36% correction from $110k ATH, v normal for a bull market.”</blockquote><figure><img src="https://s3.cointelegraph.com/uploads/2025-03/019584d8-23e3-7e73-9b28-654d4fe9fba8" title="" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"><figcaption style="text-align: center;"><p><em>Source: </em><a data-ct-non-breakable="null" href="https://x.com/CryptoHayes/status/1899261481805566368" rel="null" target="null" text="null" title="https://x.com/CryptoHayes/status/1899261481805566368"><em>Arthur Hayes</em></a></p></figcaption></figure><p>“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.</p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoin-push-dollar-dominance-positive-for-bitcoin" rel="null" target="null" text="null" title="null"><em><strong>Bitcoin may benefit from US stablecoin dominance push</strong></em></a></p><p>Quantitative easing has historically been positive for Bitcoin price.</p><p>Bitcoin’s 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 <a data-ct-non-breakable="null" href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm" rel="null" target="null" text="null" title="null">announced</a> during the COVID-19 pandemic on March 23, 2020, buying over $4 trillion worth of assets such as treasuries.<br></p><figure><img src="https://s3.cointelegraph.com/uploads/2025-03/019584d8-27c8-7500-9086-06daefe725f8" title="" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"><figcaption style="text-align: center;"><p><em>BTC/USD, 1-week chart, 2020-2021. Source: Cointelegraph/</em><a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/JBpUV8Q8/?symbol=BITSTAMP%3ABTCUSD" rel="null" target="null" text="null" title="https://www.tradingview.com/chart/JBpUV8Q8/?symbol=BITSTAMP%3ABTCUSD"><em>TradingView</em></a></p></figcaption></figure><p>Analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-predicted-160k-2025-macroeconomic-boost" rel="null" target="null" text="null" title="null">ranging from $160,000</a> to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/vaneck-predicts-q1-2025-crypto-correction-q4-all-time-highs" rel="null" target="null" text="null" title="null">above $180,000</a>.</p><iframe width="100%" height="315" src="https://www.youtube.com/embed/pUxcQDO30Jo?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy"></iframe><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/standard-chartered-500k-bitcoin-prediction-coinbase-sec-lawsuit-hodlers-digest/" rel="null" target="null" text="null" title="null"><em><strong>SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1</strong></em></a></p><template data-name="subscription_form" data-type="defi_newsletter" label="Subscription Form: DeFi Newsletter"></template></p>
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https://cointelegraph.com/news/bitcoin-7...er_inbound
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTg0YjgtNzlkZC03NDk3LWExN2EtN2Q0ODkxNzYyMzhm.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTg0YjgtNzlkZC03NDk3LWExN2EtN2Q0ODkxNzYyMzhm.jpg" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"></p><p>Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor concerns of an early arrival of a bear market cycle.<p>Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) fell more than 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.</p><p>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.</p><figure><img src="https://s3.cointelegraph.com/uploads/2025-03/019584d8-1f84-7abc-bf01-bb5e51cae26d" title="" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"><figcaption style="text-align: center;"><p><em>BTC/USD, 1-month chart. Source: Cointelegraph</em></p></figcaption></figure><p>Most cryptocurrencies have broken key support levels, making it hard to estimate the next key price levels, the analyst told Cointelegraph, adding:</p><blockquote>“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.”</blockquote><p>“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.</p><p>Other analysts have also warned that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bottom-72k-crypto-investor-sentiment-3-year-low" rel="null" target="null" text="null" title="null">Bitcoin may experience a deeper</a> retracement toward the “low $70,000’s range,” which Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo, told Cointelegraph could “provide a foundation for a more sustainable recovery.”</p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-bitcoin-reserve-disappoints-investors-trump-crypto-summit" rel="null" target="null" text="null" title="null"><em><strong>Bitcoin reserve backlash signals unrealistic industry expectations</strong></em></a></p><h2>Bitcoin correction to $70,000 “normal” for a bull market: Arthur Hayes</h2><p>Bitcoin’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.</p><p>Hayes wrote in a March 11 X <a data-ct-non-breakable="null" href="https://x.com/CryptoHayes/status/1899261481805566368" rel="null" target="null" text="null" title="null">post</a>:</p><blockquote>“Be fucking patient. $BTC likely bottoms around $70k. 36% correction from $110k ATH, v normal for a bull market.”</blockquote><figure><img src="https://s3.cointelegraph.com/uploads/2025-03/019584d8-23e3-7e73-9b28-654d4fe9fba8" title="" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"><figcaption style="text-align: center;"><p><em>Source: </em><a data-ct-non-breakable="null" href="https://x.com/CryptoHayes/status/1899261481805566368" rel="null" target="null" text="null" title="https://x.com/CryptoHayes/status/1899261481805566368"><em>Arthur Hayes</em></a></p></figcaption></figure><p>“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.</p><p><em><strong>Related: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoin-push-dollar-dominance-positive-for-bitcoin" rel="null" target="null" text="null" title="null"><em><strong>Bitcoin may benefit from US stablecoin dominance push</strong></em></a></p><p>Quantitative easing has historically been positive for Bitcoin price.</p><p>Bitcoin’s 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 <a data-ct-non-breakable="null" href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm" rel="null" target="null" text="null" title="null">announced</a> during the COVID-19 pandemic on March 23, 2020, buying over $4 trillion worth of assets such as treasuries.<br></p><figure><img src="https://s3.cointelegraph.com/uploads/2025-03/019584d8-27c8-7500-9086-06daefe725f8" title="" alt="Bitcoin $70K retracement part of ‘macro correction’ in bull market — Analysts"><figcaption style="text-align: center;"><p><em>BTC/USD, 1-week chart, 2020-2021. Source: Cointelegraph/</em><a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/JBpUV8Q8/?symbol=BITSTAMP%3ABTCUSD" rel="null" target="null" text="null" title="https://www.tradingview.com/chart/JBpUV8Q8/?symbol=BITSTAMP%3ABTCUSD"><em>TradingView</em></a></p></figcaption></figure><p>Analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-predicted-160k-2025-macroeconomic-boost" rel="null" target="null" text="null" title="null">ranging from $160,000</a> to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/vaneck-predicts-q1-2025-crypto-correction-q4-all-time-highs" rel="null" target="null" text="null" title="null">above $180,000</a>.</p><iframe width="100%" height="315" src="https://www.youtube.com/embed/pUxcQDO30Jo?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy"></iframe><p><em><strong>Magazine: </strong></em><a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/standard-chartered-500k-bitcoin-prediction-coinbase-sec-lawsuit-hodlers-digest/" rel="null" target="null" text="null" title="null"><em><strong>SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1</strong></em></a></p><template data-name="subscription_form" data-type="defi_newsletter" label="Subscription Form: DeFi Newsletter"></template></p>
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https://cointelegraph.com/news/bitcoin-7...er_inbound