So, Bitcoin is flirting with a $70,000 retracement, and some folks are clutching their pearls like they just saw a bear in a tutu. 🐻💃 But hold your horses, my crypto comrades! This might just be a part of the bull market’s dramatic plot twist, not the start of a bear market horror movie.
Last week, Bitcoin (BTC) took a nosedive of over 14%, landing around $80,708. Why? Because investors were left feeling like they just opened a box of chocolates only to find it empty—thanks to President Trump’s executive order that promised a Bitcoin reserve but delivered nada. 🍫🚫
But fear not! Aurelie Barthere, our crypto oracle from Nansen, assures us that this is just a “macro correction.” Sounds fancy, right? It’s like saying, “Don’t worry, it’s just a phase.”
According to Aurelie, most cryptocurrencies are like that friend who keeps breaking up with their significant other—hard to predict where they’ll land next. She said:
“This is a macro correction (US tech will be down by 3% in the future, as discussed), so we have to monitor BTC. Next level will be $71,000 – $72,000, top of the pre-election trading range.”
Translation: “Buckle up, buttercup! We’re still in a bull market, but it’s a bumpy ride.” 🚗💨
Other analysts are throwing caution to the wind, warning that Bitcoin might dip even lower into the “low $70,000’s range.” Iliya Kalchev from Nexo said this could actually be a good thing, like a detox for your wallet before the big recovery party. 🎉💸
Bitcoin’s 36% correction to $70k “normal” for a bull market: Arthur Hayes
Arthur Hayes, the co-founder of BitMEX, is here to remind us that a $70,000 retracement is just Bitcoin being its dramatic self. He tweeted:
“Be fucking patient. $BTC likely bottoms around $70k. 36% correction from $110k ATH, v normal for a bull market.”
He added, “THEN we get Fed, PBOC, ECB, and BOJ all easing to make their country great again.” It’s like a monetary policy reunion tour! 🎤
Historically, when central banks start throwing money around like confetti, Bitcoin tends to party hard. Remember when it skyrocketed over 1,050% during the last quantitative easing? From $6,000 to $69,000 faster than you can say “HODL!”
Analysts are still sipping their optimism juice, predicting Bitcoin could hit anywhere from $160,000 to over $180,000 by late 2025. So, keep your eyes on the prize, folks! 🥳
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2025-03-11 14:40