Bitcoin Slides as Market Jitters Deepen; Hedge Fund Sees $70K Target in March

Crypto’s downward momentum has intensified, with broader market concerns adding fuel to the fire.

January’s dramatic collapse in speculative memecoins had already set the stage for weeks of selling pressure in the crypto market. However, this week’s downturn has gained speed as investors turn cautious amid a weakening stock market.

The Nasdaq, down more than 2% late Thursday, has now shed nearly 7% over the past few sessions. Chip stocks have been hit the hardest, with Nvidia (NVDA) sliding 5% following its latest earnings report.

Tech stocks had been riding high on extended gains, but stretched valuations and mounting macro risks—such as President Trump’s impending tariffs on Mexico, Canada, and China—have sparked a correction.

“Risk assets are entering a fragile phase,” said Quinn Thompson, founder of hedge fund Lekker Capital. “Hot inflation data makes it unlikely the Fed will cut rates soon, long-term inflation expectations are creeping up, and U.S. economic momentum is looking weaker than expected.”

On crypto, Thompson doesn’t mince words: “Every major bullish catalyst has played out, yet prices remain under pressure. Investors are acting as if bear markets don’t exist, but they do.” He predicts Bitcoin will trade in the $70,000 range by the end of March.