Source: Cointelegraph Original: "{title}"

Despite concerns from cryptocurrency investors about the early arrival of a bear market cycle, the possibility of Bitcoin retracing to $70,000 remains a natural correction process in the current bull market.

In the past week, Bitcoin has dropped over 14%, ultimately closing at around $80,708, due to investor disappointment over President Trump's executive order released on March 7. The order outlined a plan to create a Bitcoin reserve using cryptocurrencies seized in government criminal cases, but it did not mention direct federal Bitcoin investment.

Despite the decline in investor sentiment, according to Aurelie Barthere, chief research analyst at the Nansen crypto intelligence platform, the cryptocurrency and global markets are still in a "macro correction" phase, which is part of the bull market.

BTC/USD Monthly Chart. Source: Cointelegraph

The analyst further noted, "We are currently still in the adjustment phase of the bull market, and both the stock and cryptocurrency markets are fully aware of this trend and are pricing it in. The current market is facing uncertainty regarding tariff policies and pressure from fiscal tightening, while lacking support from the Federal Reserve. Additionally, concerns about an economic recession are beginning to emerge."

The analyst added, "We are still in the correction phase of the bull market, and both stocks and cryptocurrencies have recognized this and are pricing it in; we are currently in a period of tariff uncertainty and fiscal cuts, without support from the Federal Reserve. Recession concerns are surfacing."

Other analysts have also warned that Bitcoin may experience a deeper pullback, dropping to "the low $70,000s." Iliya Kalchev, an analyst at the digital asset investment platform Nexo, told Cointelegraph that this could "lay the groundwork for a more sustainable recovery."

Arthur Hayes claims that Bitcoin's retracement to $70,000 is a "normal phenomenon" of the bull market.

According to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, the psychological level of Bitcoin retracing to $70,000 still falls within the normal price fluctuation range of the bull market.

Hayes posted on X on March 11, stating, "Everyone needs to be patient. The bottom for Bitcoin may be around $70,000. A 36% pullback from the historical high of $110,000 is quite normal for a bull market."

Source: Arthur Hayes

Hayes added, "Next, we will see the Federal Reserve (Fed), People's Bank of China (PBOC), European Central Bank (ECB), and Bank of Japan (BOJ) all adopt easing policies to bring their respective countries back to glory." He referred to quantitative easing, where central banks increase the money supply by purchasing government bonds and other financial assets.

Historically, quantitative easing policies have had a positive impact on Bitcoin prices.

During the last quantitative easing cycle, Bitcoin's price surged over 1050%, skyrocketing from $6,000 in March 2020 to $69,000 in November 2021. This increase occurred after the Federal Reserve announced the implementation of quantitative easing on March 23, 2020, when it purchased over $4 trillion in assets, such as government bonds, to address the economic impact of the COVID-19 pandemic.

BTC/USD Weekly Chart (2020-2021). Source: Cointelegraph/TradingView

Analysts remain optimistic about Bitcoin's price trajectory by the end of 2025, with price predictions ranging from $160,000 to over $180,000.

Related: Four signs that the Bitcoin price of $76,700 may be the ultimate low point.

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