Bitcoin's price could potentially retrace to $70,000 if it continues to mirror the global money supply, according to analyst Joe Consorti. He noted that Bitcoin has been tracking the M2 money supply, which includes cash and short-term bank deposits, with a 70-day delay since September 2023. Historically, Bitcoin's price has surged alongside M2 growth, as investors seek it as a hedge against inflation. However, Consorti warns of a possible 20-25% correction. Not all analysts agree, with some citing Bitcoin's volatility and external factors like dollar strength influencing its price.