Bitcoin $70K flush would reset cycle, not confirm new bear market: Analyst

The likelihood of a Bitcoin correction to $70,000 has increased, but one analyst said the price drop would confirm a macroeconomic reset, rather than the start of a new bear market.

Bitcoin’s (BTC) recent price weakness has revived investors’ concerns of a deeper downturn, but several market analysts argue that an extended correction may be more constructive over the longer term.

Key takeaways:

Analysts say Bitcoin’s downside risk is centered around $65,000 to $75,000.

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