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

Bitcoin plunged below $80K on Monday, March 10, dropping to lows of $77,490 as the crypto market suffered another bloodbath.

But despite the potential for Bitcoin ( BTC ) to dip further, Nigel Green, chief executive officer of global financial advisory giant deVere Group, holds a bullish view. He explained why the bull market may not be over for Bitcoin in an analysis shared with crypto.news.

According to Green, one factor to consider is that BTC’s price has dropped sharply just days after President Donald Trump’s executive order on a strategic Bitcoin reserve. While the macro environment could catalyze an extended dip, Green remains confident that 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.” the deVere CEO noted.

Other experts have also highlighted how significant Trump’s executive order and the creation of a strategic Bitcoin reserve are. The argument is that BTC is evolving “beyond a speculative asset” as it gains global adoption. The U.S. strategic reserve sets the tone and tempo.

A notable observation about BTC’s price action in recent days is that holders seem to have dumped their positions amid disappointment that the U.S. government isn’t immediately buying large amounts of Bitcoin. That also explains the selling pressure on altcoins like Ripple ( XRP ), Solana ( SOL ), and Cardano ( ADA ) following the executive order and the White House summit.

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

In his view, the U.S. has opened the door to a potential global scramble, with other countries joining the race to create 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,” deVere CEO added.

Despite the short-term price action, largely driven by knee-jerk reactions, the reserve joins other key events that have shaped BTC’s growth over the years—such as Tesla’s purchase of Bitcoin and the launch of the first spot BTC exchange-traded funds

With the U.S. government holding Bitcoin in reserve, what’s likely to follow are clear and favorable regulations.

“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.

At the time of writing, Bitcoin hovered near $78,426, with the bleeding having pushed the flagship digital asset down nearly 6% in the past 24 hours and -14% in the past week. 

This slump has aligned with a dump on Wall Street . On Monday, the sell-off continued with the SP 500 and Dow Jones Industrial Average recording sharp declines amid fresh uncertainty around tariffs and economy.

It’s an outlook that suggests risk assets, including cryptocurrencies, could face more short-term selling pressure.