Bitcoin's price continues to experience fluctuations, with analysts warning of a potential retest to $70,000 before the next rally.
Arthur Hayes' Bitcoin Price Prediction
Former BitMEX CEO Arthur Hayes predicts that Bitcoin might dip to $70,000 before resuming its upward trend. In a post on X dated March 10, Hayes noted that such a decline is normal for a bull market. For Bitcoin to rally again, traditional markets might need to decline first, prompting central banks to intervene and provide liquidity that would benefit BTC.
Analysis of Whale Activity
Despite the short-term uncertainty, on-chain data shows that large investors are buying the dip. CryptoQuant analyst Darkfost noted that the BTC whale ratio on Binance has declined, indicating reduced sell pressure from major holders. In the past 30 days, they have accumulated nearly 65,000 BTC, suggesting that institutions see the current prices as attractive entry points.
Macroeconomic Factors and Inflation
Bitcoin's price action remains tied to broader economic conditions. U.S. inflation data set for release on March 12 could influence risk appetite, with a drop from 3.0% to 2.9% expected. Meanwhile, CryptoQuant warns that Bitcoin demand is contracting due to uncertainty over U.S. trade policies and global economic pressures.
Bitcoin remains in an uncertain position, as whale accumulation rises while macroeconomic risks loom. Analysts suggest that a break below $75,000 could lead to a deeper correction, but continued institutional buying might support a recovery above $80,000.
