The possibility of Bitcoin retreating to $70,000 might be a natural aspect of the ongoing bull market, even though crypto investors are expressing apprehension regarding the premature onset of a bear market phase.
Recently, Bitcoin (BTC) experienced a decline of over 14%, closing at approximately $80,708. This downturn came after investors expressed disappointment over the absence of direct federal investments in Bitcoin within President Trump’s March 7 executive order, which proposed establishing a Bitcoin reserve using cryptocurrencies seized in governmental criminal prosecutions.
In spite of the dip in investor enthusiasm, cryptocurrencies and global markets are currently undergoing a “macro correction” as a component of this bull cycle, according to a principal research analyst at a prominent crypto intelligence platform.
BTC/USD, 1-month chart. Source: Cointelegraph
Many cryptocurrencies have broken through crucial support levels, complicating the process of determining the next significant price thresholds. The analyst noted:
“This is a macro correction (US tech is projected to decline by 3% in the near future, as mentioned), so we need to keep a close eye on BTC. The upcoming level to watch is $71,000 – $72,000, which represents the peak of the pre-election trading range.”
“We are still within a correction phase of a bull market: both stocks and cryptocurrencies are adjusting to a period marked by tariff uncertainties and fiscal reductions, without a Fed bailout. Concerns about a recession are becoming more prevalent,” the analyst added.
Other experts have cautioned that Bitcoin might see a more pronounced downturn toward the low $70,000 range. According to a dispatch analyst at a digital asset investment platform, such a decline could “serve as a foundation for a more robust recovery.”
Related: Bitcoin reserve negative feedback indicates unrealistic expectations in the industry
Bitcoin’s drop to $70,000 considered “standard” for a bull market: Arthur Hayes
The anticipated decline of Bitcoin to the $70,000 psychological level is still considered a regular price fluctuation within a bull market, according to a co-founder of a cryptocurrency exchange.
In a post shared on March 11, he stated:
“Exercise patience. The likely bottom for $BTC is around $70k. A 36% dip from an ATH of $110k is very normal for a bull market.”
Source: Arthur Hayes
He further noted, “Then we will see the Fed, PBOC, ECB, and BOJ all easing policies to rejuvenate their economies,” referring to quantitative easing — a strategy where central banks boost the money supply through purchasing government bonds and other financial assets.
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Historically, quantitative easing has had a favorable impact on Bitcoin’s value.
During the last period of quantitative easing, Bitcoin’s price surged over 1,050%, jumping from $6,000 in March 2020 to $69,000 by November 2021, following the announcement of the Federal Reserve’s monetary policy during the COVID-19 pandemic on March 23, 2020, which involved the purchase of over $4 trillion in assets like treasuries.
BTC/USD, 1-week chart, 2020-2021. Source: Cointelegraph/TradingView
Experts maintain a positive outlook for Bitcoin’s price trajectory toward late 2025, with projections suggestive of values reaching between $160,000 and above $180,000.
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