Analysts say Bitcoin's pullback to $70,000 is part of a broader "macro correction" within its ongoing bull market

Nansen analysts suggest that while Bitcoin may pull back to around $70,000, it is still a natural "correction within a bull market."

Bitcoin’s potential pullback to $70,000 is likely a natural phase of the ongoing bull market, even as some investors worry about an early shift into a bear cycle.

Over the past week, Bitcoin (BTC) dropped more than 14%, closing at around $80,708. The decline followed investor disappointment over President Donald Trump’s March 7 executive order, which outlined a plan to create a Bitcoin reserve using seized cryptocurrency but did not include direct federal Bitcoin investments.

Despite the dip in market sentiment, Aurelie Barthere, principal research analyst at Nansen, stated that both crypto and global markets are undergoing a “macro correction” within a broader bull trend.

According to the analyst, most cryptocurrencies have fallen below key support levels, making it challenging to determine their next price targets.

“This is part of a macro correction, with U.S. tech stocks expected to decline by 3% in the near future. We need to keep an eye on Bitcoin, with the next key level around $71,000 to $72,000, marking the top of its pre-election trading range,” the analyst said.

They further explained that the market remains in a correction phase within an overall bull cycle, as both stocks and crypto are adjusting to uncertainties related to tariffs, fiscal cuts, and the lack of Federal Reserve intervention. “Recession fears are beginning to emerge,” the analyst added.

Other analysts have also cautioned that Bitcoin could see a further pullback into the low $70,000 range. According to Iliya Kalchev, a dispatch analyst at digital asset investment platform Nexo, this level could serve as a base for a more stable and sustainable recovery.

Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, views Bitcoin's potential decline to $70,000 as a typical correction within a bull market. In a March 11 post on X, Hayes emphasized patience, stating that a 36% pullback from Bitcoin’s all-time high of $110,000 is a standard occurrence during bullish cycles.

Source: Arthur Hayes

Hayes further suggested that central banks, including the Federal Reserve (Fed), the People's Bank of China (PBOC), the European Central Bank (ECB), and the Bank of Japan (BOJ), would eventually shift toward monetary easing policies. He implied that these measures, aimed at stimulating economic growth, could create favorable conditions for Bitcoin and other risk assets.

Historically, quantitative easing has benefited Bitcoin’s price. During the last major QE cycle, Bitcoin surged over 1,050%, climbing from around $6,000 in March 2020 to $69,000 by November 2021. This rally followed the Federal Reserve’s announcement of a large-scale asset purchase program on March 23, 2020, in response to the Covid-19 pandemic, injecting over $4 trillion into the economy through treasury and asset purchases.

Analysts maintained a positive outlook for Bitcoin's price in late 2025, with forecasts ranging between $160,000 and over $180,000.