Jurrien Timmer, director of global macro at Fidelity Investments, has weighed in on the Bitcoin price action, arguing that $70,000 is the main level to watch. 

"Perhaps this correction will set up for the next launch, but for now, all eyes are on support at the $70k," Timmer said. 

According to Timmer, Bitcoin has now returned to "a more grounded" valuation level following the recent price drop. 

His valuation model is based on the internet S-curve and the power curve of wallet growth. 

The cryptocurrency is currently changing hands at $83,016 after adding 0.3% over the past 24 hours.  

Earlier, Bloomberg's Mike McGlone predicted that the price of the leading cryptocurrency could plunge to the $70,000 level.