The post Bitcoin price risks correction to $72K as investor sentiment weakens appeared on BitcoinEthereumNews.com.

Bitcoin may see a brief correction to the $72,000 support as an imminent market recovery remains limited by a lack of crypto investor sentiment, which has dropped to lows not seen since 2022. Bitcoin (BTC) price hit an over three-month low of $78,197 on Feb. 28, falling over 28% from its record high of over $109,000 reached on Jan. 20. Bitcoin may experience a deeper retracement toward the “low $70,000’s range as the market repositions,” according to Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo. BTC/USD, 1-day chart. Source: TradingView/Cointelegraph Yet, a “significant drop below $75,000 seems less likely,” the analyst told Cointelegraph, adding: “While there might be a temporary backtrack as the market fills in the gaps left during the rapid climb, Bitcoin is more likely to establish firm support in the $72,000 to $80,000 range.” “This support could provide a foundation for a more sustainable recovery, reducing the likelihood of a deeper retracement,” he said. Related: Binance is not ‘dumping’ Solana and other token holdings — Spokesperson Other analysts also predicted a Bitcoin bottom near $70,000 in early 2025 before the next stage of the rally. Based on its correlation with the global liquidity index, Bitcoin’s right-hand side (RHS), which marks the lowest bid price someone is willing to sell the currency for, may fall below $70,000 around the end of February after it peaked near $110,000 in January. Source: Raoul Pal The first warning of a correction to $70,000 came from Raoul Pal, founder and CEO of Global Macro Investor, in November, when he also predicted that Bitcoin would reach a “local top” above $110,000 in January, before the current correction. Related: Trump to host first White House crypto summit on March 7 Crypto investor sentiment drops to 2022 low While analysts expect Bitcoin to…

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Filed under: News - @ March 2, 2025 12:18 am