While sharp corrections in Bitcoin and altcoins have increased speculation that the bear market has started early, analysts say this decline is normal.
Although the Bitcoin price fell more than 14% last week following U.S. President Donald Trump’s executive order on March 7, analysts say declines are normal and healthy in a bull market.
Analysts consider this a “macro correction” within the ongoing bull market and state that the correction could go up to $70,000.
Nansen analyst Aurelie Barthere said the next key support level was $71,000-$72,000, as broader market concerns, including tariff uncertainties and recession fears, weighed on investors.
Barthere noted that Bitcoin and most altcoins have broken important support levels, making it difficult to predict the next significant price levels, saying:
“This is a macro correction that is happening. So we should not worry. The next level will be $71,000-$72,000, which is the top of the pre-election trading range.
We are still in a bull market, just currently in a correction.
“Stocks and cryptocurrencies are pricing in a period of tariff uncertainty and fiscal cuts without the Fed’s bullish contribution. Recession fears are emerging and a correction is underway.”
Nexo analyst Iliya Kalchev also argued that BTC could fall below $70,000 but could form a stronger foundation for a future rally.
Finally, BitMEX co-founder Arthur Hayes also stated that Bitcoin will bottom at $ 70,000 and said, “Be patient. BTC will probably bottom around $ 70,000. A 36% correction from the $ 110,000 ATH is very normal for a bull market.”
*This is not investment advice.