Other analysts have also warned that Bitcoin may experience a deeper 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.”Related: Bitcoin reserve backlash signals unrealistic industry expectationsBitcoin correction to $70,000 “normal” for a bull market: Arthur HayesBitcoin’s potential retracement to the $70,000 psychological mark would still fall within the regular price movement of a bull market, according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.
Hayes wrote in a March 11 X post:“Be fucking patient.$BTC likely bottoms around $70k.36% correction from $110k ATH, v normal for a bull market.”Source: Arthur Hayes“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.
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.BTC/USD, 1-month chart.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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