Nansen Analyst Describes Bitcoin’s Path to $70,000 as ‘Organic’

A potential correction of Bitcoin to $70,000 could be an organic part of the current bull market, according to Nansen analyst Aurélie Barter, as reported by Cointelegraph.

In her view, the leading cryptocurrency is moving within a broader macro trend. The next range is expected to be $71,000-$72,000, surpassing levels recorded before the U.S. elections in November.

Uncertainty over tariffs and the Federal Reserve’s interest rate cuts is putting pressure on both traditional and digital asset prices. Barter acknowledged concerns about a potential recession.

Is Further Correction Inevitable?

In the search for a base for sustainable recovery, Bitcoin might drop below $70,000, suggested Nexo analyst Ilya Kalchev.

Former BitMEX CEO Arthur Hayes believes the cryptocurrency is likely to fall to this level. He stated that “a 36% correction from a peak of $110,000 is normal for a bull market.”

Bitcoin is trading around $80,000 after testing this level in recent days.

Social media analysis indicates that after the market crash on February 27, user anxiety over a potential price drop to $70,000 reached a peak, as noted by Santiment experts.

However, they estimate that the true “capitulation point” will occur when forecasts are dominated by the $50,000-$69,000 range, and the $100,000-$119,000 range is rarely mentioned.

Investors Looking in the Wrong Direction

One source of market disappointment was President Donald Trump’s executive order to create a crypto reserve, noted Bitwise’s Chief Investment Officer Matt Hougan in a weekly memo. Some expected the government to immediately start purchasing digital assets, driving prices up.

Instead, the fund will be formed from cryptocurrencies confiscated by authorities. Hougan is confident that most did not read the document carefully. It not only removes the overhang of ~200,000 BTC that could have been sold on the market but also explicitly instructs the Treasury and Commerce Departments to develop strategies for acquiring additional coins.

“Note that it does not say ministers ‘may’ or ‘can’ — they ‘must.’ I spent part of my career as a speechwriter for federal officials and can say that such words in official statements are chosen carefully,” Hougan emphasized.

According to him, the current price movements of the leading cryptocurrency are irrelevant. The main question is whether Bitcoin will become a global financial macro asset like gold, with a capitalization of $10-50 trillion.

“If not, it will remain a footnote in history, fluctuating below $150,000, supported only by a small cohort of libertarians, cypherpunks, and speculators. There is no middle ground,” the expert stated.

As reported, the White House’s March 7 crypto summit with Trump also failed to positively impact the market. Investors were disappointed by the lack of specifics in the government’s plans for the industry.