Bitcoin price expected to correct to $72,000 due to low investor sentiment, potentially impacting market

From Cointelegraph

March 1, 2025 8:55 am:

Bitcoin is expected to correct to $72,000 due to low investor sentiment, dropping from its high of $109,000 in January. Analysts predict a bottom near $70,000 before the next rally stage. The Crypto Fear & Greed Index hit a near three-year low of 20, reflecting a lack of confidence in the market.

The decline in investor sentiment is attributed to various factors, including a sharp drop in Bitcoin price, regulatory uncertainty, security breaches, and declining altcoin valuations. The recent $1.4 billion Bybit hack has also impacted market sentiment. Bybit has managed to honor customer withdrawals and replace the stolen funds within three days.

Analysts anticipate Bitcoin to establish firm support between $72,000 and $80,000, providing a foundation for a sustainable recovery. The market is expected to reposition, potentially leading to a temporary backtrack. Despite a potential retracement, a significant drop below $75,000 seems less likely.

Based on correlation with the global liquidity index, Bitcoin’s right-hand side may fall below $70,000 after peaking near $110,000. Raoul Pal predicted a correction to $70,000 in November, alongside a local top above $110,000 in January. Analysts foresee a deeper retracement before the next rally stage.

Read more at Cointelegraph: Bitcoin price risks correction to $72K as investor sentiment weakens