Bitcoin analysts predict limited upside after BTC reserve disappointment

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Bitcoin ( $74,652.00 ) analysts are signaling limited upside potential for the cryptocurrency following disappointment over US President Donald Trump’s Strategic Bitcoin ( $74,652.00 ) Reserve plan, which did not involve direct government purchases of Bitcoin ( $74,652.00 ) , contrary to some expectations.

Trump’s executive order, signed on March 7, outlined a plan to create a Bitcoin ( $74,652.00 ) reserve using cryptocurrency forfeited in government criminal cases rather than actively acquiring Bitcoin ( $74,652.00 ) (BTC) through market purchases, Cointelegraph reported.

Bitcoin ( $74,652.00 ) plunged over 6% after the announcement, falling from $90,400 to $84,979, Cointelegraph Markets Pro data shows.

*BTC/USD, 24-hour chart. Source: Cointelegraph*

Bitcoin ( $74,652.00 ) ’s price action may lack any significant upside due to this initial investor disappointment, according to Bitfinex analysts, who told Cointelegraph:

“After initial disappointment with the announcement of the Strategic Bitcoin ( $74,652.00 ) Reserve, we expect more rangebound trading as the US will not be making new purchases, and instead is simply introducing a plausible framework to hold seized crypto assets.”

Still, other analysts see the US Bitcoin ( $74,652.00 ) reserve plan as the first “real step” for Bitcoin ( $74,652.00 ) ’s integration into the global financial system.

“The US has taken its first real step toward integrating Bitcoin ( $74,652.00 ) into the fabric of global finance, acknowledging its role as a foundational asset for a more stable and sound monetary system,” Joe Burnett, head of market research at Unchained, told Cointelegraph.

Analysts debate long-term BTC impact

Despite the short-term investor disappointment, Trump’s Bitcoin ( $74,652.00 ) reserve plans may prove to be a viable middle ground to start experimenting with Bitcoin ( $74,652.00 ) as a national reserve asset.

This “softer approach” may be more viable and meet less mainstream resistance, according to Bitfinex Analysts, who added:

“This approach follows the possible realization in the White House that creating a fund to invest in cryptocurrencies might be met with a lot of resistance and hence the choice of a more viable and somewhat softer approach to adopting crypto assets.”

Meanwhile, Bitcoin ( $74,652.00 ) remains in a significant downtrend that resulted in a descending triangle on the four-hour chart, a bearish pattern that signals a market downtrend.

To break this ongoing downtrend, Bitcoin ( $74,652.00 ) will need to recapture the key $93,000 mark, wrote pseudonymous crypto analyst Satoshi Flipper in a March 7 X post.