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Bitcoin $ 70k retracement part of “Macro Correction” within Bull Market: Analysts

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Bitcoin’s potential reeperson at $ 70,000 may be an organic part of the current bull market, despite the crypto investor concerns of an early arrival of a round of the bear market.

Bitcoin (Btc) fell more than 14% last week to close around $ 80,708 after investors failed in the lack of Bitcoin’s direct federal investment in the order of President Donald Trump’s executive outlining a plan to create a Bitcoin reserves using cryptocurrency that were forgiven of criminal government cases.

Despite the collapse of the investor, the cryptocurrencies and global markets remain in a “Macro correction” as part of the bull market, according to Aurelie Barthere, chief analyst of research on the Nansen Crypto Intelligence Platform.

*BTC/USD, 1-month chart. Source: Cointelegraph*

Most cryptocurrencies have broken the basic levels of support, making it difficult to estimate the next price key levels, the analyst in cointelegraph said, adding:

“This is a Macro correction (US tech will decrease 3% in the future, as discussed), so we need to monitor BTC. The next level is $ 71,000 – $ 72,000, top of pre -election trading range.”

“We are in a correction within a bull market: stocks and cryptos are realized and priced; a period of tariff uncertainty and a reduction in fiscal, no feeding. Termatic fears appear,” the analyst added.

Other analysts also warned that Bitcoin may experience deeper The secret of the “low $ 70,000 range, which could” provide a foundation for a more sustainable recovery, “Iliya Kalchev, analyst of the Digital Asset Investment Nexo, told Cointelegraph.

The 36% Bitcoin correction to $ 70k “Normal” for a Bull Market: Arthur Hayes

Bitcoin’s potential retraction to the $ 70,000 psychological score will still fall within the regular price movement of a bull market, according to Arthur Hayes, BitMex’s co-founder and Maelstrom’s chief investment official.

Hayes wrote on a March 11 x Post:

“Be patient. The $ BTC is likely to be bottoms around $ 70k. 36% correction from $ 110k ATH, V normal for a bull market.”

“Then we feed, PBOC, ECB, and BoJ all who have been raising their country,” Hayes added, referring to the amount of money, a financial policy in which central banks increase the supply of money by buying government bonds and other financial ownership.

The volume of emergence has become positive for the price of bitcoin.

Bitcoin price increased by more than 1,050% in the last period of volume, from just $ 6,000 in March 2020 to $ 69,000 in November 2021, after the federal reserve volume policy was will be announced During the Covid-19 Pandemic on March 23, 2020, buying more than $ 4 trillion worth of properties such as Treasury.