At least for mountain bikes, that's well out of the entry-level tier. Trek's MSRPs start in the $500-$600 US range for decent hardtail mountain bikes (aluminum frame, disc brakes) that are reliable and worth repairing when something breaks, unlike department store crap. $700 US is when they start giving you fancier features like hydraulic disc brakes and suspension lockout. Full-suspension bikes that are worth the trouble are definitely more expensive than that, but I don't think it's fair to say that hardtails are necessarily entry-level.