Bitcoin $70k retracement part of “macro correction” within bull market: analysts
While Bitcoin may experience a retracement to near $70,000, this remains part of an organic “correction within a bull market,” Nansen analysts told Cointelegraph.
Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor concerns regarding the early arrival of the bear market cycle.
Bitcoin (BTC) fell over 14% during the past week to close around $80,708 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.
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.
