Bitcoin's potential retracement to $70,000 could be a natural part of the current bull market, despite concerns from crypto investors about the early onset of a bear market cycle. The drop in investor sentiment came after disappointment over the lack of direct federal Bitcoin investments in President Donald Trump's executive order on March 7. Analysts believe that the current correction in cryptocurrencies and global markets is part of a larger macro correction within the bull market. Some analysts predict a deeper retracement for Bitcoin towards the low $70,000 range, which could lay the groundwork for a more sustainable recovery. Arthur Hayes, co-founder of BitMEX, stated that a potential retracement to $70,000 would still be within the normal price movement of a bull market.