Bitcoin’s drop below $80K seen as short-term setback, says deVere CEO

Bitcoin plunged below $ 80,000 on Monday, March 10, falling from $ 77,490 while the cryptography market has undergone another bloodbath.

But despite Bitcoin potential (BTC) To dive more, Nigel Green, chief executive officer of the world advisory giant of Devere Group, has an upper opinion. He explained why the Haussier market might not be finished for Bitcoin in a shared analysis with Crypto.News.

According to Green, a factor to consider is that the price of the BTC has dropped sharply a few days after the executive decree of President Donald Trump on a Bitcoin strategic reserve. While the macro environment could catalyze a prolonged drop, the green remains confident that bitcoin and digital assets are still in the bullish phase.

“The reaction of the market betrays a myopia which will probably be corrected as investors digest the broader implications of the decision. [what] Investors should focus on the fact that this decree makes it more likely that Bitcoin will be a geopolitically important active in the future. The CEO of Devere noted.

Other experts have also underlined how much Trump’s executive order and the creation of a Bitcoin strategic reserve are important. The argument is that the BTC evolves “beyond a speculative asset” as it wins world adoption. The American strategic reserve sets tone and tempo.

A notable observation on the action of BTC prices in recent days is that holders seem to have abandoned Their positions in the middle of the disappointment that the American government does not immediately buy large amounts of bitcoin. This also explains the sales pressure on altcoins like Ripple (Xrp), Solana (GROUND), and Cardano (ADA) Follow the decree and the top of the White House.

However, Green says that the market should look beyond simple BTC purchases and focus on what the long-term strategic reserve means.

In his opinion, the United States has opened the door to a potential world wheelbarrow, other countries joining the race to create Bitcoin reserves.

“Countries with history of accumulation of alternative goods, such as gold, can consider this as an index to diversify more in digital assets. Sovereign funds, central banks and institutional investors will all make comments, “added Devere CEG.

Despite the action of short -term prices, largely motivated by instinctive reactions, the reserve joins other key events that have shaped BTC growth over the years – such as the purchase of Bitcoin by Tesla and the launch of stock market funds from the first BTC BTC Spot

The American government holding Bitcoin in the reserve, which is likely to follow are clear and favorable regulations.

“While dust sets in, the strategic reserve announcement will probably be considered a moment of validation of the role of Bitcoin in the financial system, rather than a concern,” he concluded.

At the time of writing the time of the editorial staff, Bitcoin oscillated nearly $ 78,426, the bleeding having pushed the flagship digital asset of almost 6% in the last 24 hours and -14% last week.

This crisis has aligned on a dumping ground at Wall Street. On Monday, the sale continued with the S&P 500 and Dow Jones Industrial Average Recording net reductions in the middle fresh uncertainty Around prices and economics.

This is a perspective that suggests that risks of risks, including cryptocurrencies, could cope with a shorter sales pressure.