Bitcoin sheds nearly all Trump election gains in plummet under $80K
Bitcoin dropped below $80,000 for the first time since November as concerns over US President Donald Trump’s proposed tariffs intensified.
$70K now a possible target
On Feb. 27, BTC hit $79,752, triggering $100 million in liquidations. Many traders had expected $82,000 to hold as support, but some now predict a further drop toward $70,000.
Trader dmac said, “Dip buyers are getting smoked. I still see $70K as the target.” Another trader, Rager, noted that a 30–40% correction is typical in bull markets, making a dip to the low $70K range unsurprising.
Market uncertainty and long-term bullish outlook
Polymarket data shows traders are split on whether BTC will rebound or fall below $70K. Since Trump’s inauguration on Jan. 20, Bitcoin has dropped nearly 26% from its all-time high of $109,000.
Despite short-term volatility, institutions remain optimistic. Standard Chartered’s Geoffrey Kendrick forecasts BTC reaching $200,000 this year and $500,000 before Trump’s second term ends.