The route to new Bitcoin (BTC) all-time highs is expected to involve significant corrections of 20% or more, with potential corrections occurring in Q4, even though this quarter usually sees favorable performance for crypto assets, according to market analyst Jordi Visser.
Observing that Bitcoin is intertwined with the AI trade, Visser likened BTC to Nvidia, a leading manufacturer of high-performance computer chips that has risen to become the most valuable publicly traded company and the first to achieve a $4 trillion valuation. Visser stated:
“I just want to remind people that Nvidia is up over 1,000% since ChatGPT’s launch. During that time, less than three years, there have been five corrections of 20% or more in Nvidia before it returned to all-time highs. Bitcoin will follow suit.”
As artificial intelligence increasingly takes over various sectors and replaces human roles, traditional companies may be diminished, making BTC an ideal store of value in the digital era, according to Visser.
Bitcoin’s price remains one of the most hotly debated topics in crypto, as market analysts strive to predict the cryptocurrency’s value trajectory amid rapid technological advancement, market upheaval, and fiat currency devaluation.
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Analysts struggle with stagnant Bitcoin performance
While market analysts see gold and stocks reaching new all-time highs, Bitcoin’s price is hovering around the $110,000 mark, approximately 11% lower than its peak of over $123,000.
Investors are split on whether new highs are attainable in Q4, potentially driving BTC to around $140,000, or if the recent decline signals the onset of a prolonged bear market that could bring BTC prices down to $60,000.
Regulatory challenges and the stagnation regarding a Bitcoin strategic reserve in the United States—one that grows through periodic market acquisitions—have lowered expectations for some analysts.
Previously, certain analysts had predicted that US government purchases of BTC for a national Bitcoin reserve would serve as a significant price catalyst for the digital asset by 2025.
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