Bitcoin (BTC) price may retrace to $70,000 as an organic part of the current bull market

Bitcoin (BTC) fell more than 14% during the past week to close around $80708 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.

Bitcoin (BTC) fell more than 14% during the past week to reach around $80,708 by 12:00 p.m. Litvinov believes that 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.

However, 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:

“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,” from the recent lows around $68,000, according to Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo.

Bitcoin's 36% correction to $70K ‘normal’ for a bull market: Arthur Hayes

Meanwhile, crypto derivatives exchange BitMEX co-founder Arthur Hayes said that he expects to see a deeper retracement of around 36% from November 2021’s all-time high of $69,000 to the $44,000 range, before a return to new highs.

Bitcoin’s potential retracement to the $70,000 psychological mark would still fall within the regular price movement of a bull market, according to Hayes.

In a March 11 X post, Hayes said that crypto traders and investors should not be surprised to see Bitcoin revisit the $40,000 range, which is around a 36% correction from November 2021’s all-time high of $69,000.

After reaching a high above $42,000 on March 10, Bitcoin dropped to as low as $38,000 on March 13, and was last trading around $39,000.

According to Hayes, cryptocurrencies and global markets are still in a bull market, despite investor concerns of an early arrival of a bear market cycle due to the recent volatility in crypto prices and U.S. stock markets.

“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’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 announced during the COVID-19 pandemic on March 23, 2020, buying over $4 trillion worth of assets such as treasuries.

BTC/USD (1W) (2020-2021) (Chart via TradingView)

Analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions ranging from $160,000 to above $180,000.