Bitcoin Price Drop and Future Outlook

Bitcoin plunged below $80K on March 10, hitting lows of $77,490 amid a market downturn. However, Nigel Green, CEO of deVere Group, remains bullish on BTC.

Bullish Stance Despite Dip

Green points out that Bitcoin’s price drop occurred shortly after President Trump’s executive order on a strategic Bitcoin reserve. While the macro environment might induce a further dip, he believes Bitcoin and digital assets are still in a bullish phase.

> “The market’s reaction betrays a short-sightedness that will likely be corrected as investors digest the broader implications of the move. In our opinion, [what] investors should be focusing on is that this executive order makes it more likely Bitcoin will be a geopolitically significant asset in the future,” Green stated.

Strategic Bitcoin Reserve Significance

Many experts highlight the importance of Trump’s executive order, suggesting that BTC is changing from a speculative asset to a more globally adopted one. The establishment of a U.S. strategic reserve sets a notable precedent.

Recent observations show that many holders sold off their positions due to unmet expectations around immediate government purchases of Bitcoin, contributing to selling pressure on altcoins like Ripple (XRP), Solana (SOL), and Cardano (ADA).

Looking Beyond Immediate Reactions

Green encourages the market to consider the long-term implications of the strategic reserve rather than short-term BTC purchases. He suggests that this move may prompt other countries to create their own Bitcoin reserves.

> “Countries with a history of accumulating alternative assets, such as gold, may view this as a cue to diversify further into digital assets. Sovereign wealth funds, central banks, and institutional investors will all take notice,” he added.

Despite the current volatility—Bitcoin fell nearly 6% in the last 24 hours and 14% over the week—Green stresses that the reserve could lead to clear regulations surrounding Bitcoin.

> “As the dust settles, the strategic reserve announcement will likely be seen as a moment of validation for bitcoin’s role in the financial system, rather than a cause for concern,” he concluded.

Bitcoin was trading at around $78,426 at the time of writing. This slump coincides with a broader downturn in Wall Street, as seen in the declines of the S&P 500 and Dow Jones amid economic uncertainty. This suggests that risk assets, including cryptocurrencies, might continue to face short-term selling pressure.