Jordi Visser, former CIO and president of Weiss Multi-Strategy Advisors firm, is sure that Bitcoin (BTC) has not entered its “bubble” phase over $100,000. To hit the potential top, it first need to rally against MAG7, an index of major tech stocks in the U.S.
No, BTC is not bubble, investing veteran Jordi Visser says
The Bitcoin (BTC) price “breakout or bubble top” is not here, seasoned investor, markets commentator and podcaster Jordi Visser shares in his recent X thread. Even with the fact that Bitcoin (BTC) managed to double its price for the second year in a row, it is very far from what looks like a bubble for tech companies.
Given Bitcoin is up 100+% for the 2nd year in a row and has been around 100k for a couple weeks now, it should be no surprise that everyone on X seems to be debating breakout or bubble top. Given my view is this is still early in the Bitcoin/US stock debasement story, here is my… pic.twitter.com/R2Pn5esKgH
— Jordi Visser (@jvisserlabs) December 6, 2024
For instance, the Bitcoin (BTC) price macro chart looks too different from the “Internet bubble” of 1990s that registered zero years in red. Neither overhyped MicroStrategy journey in crypto should be treated as a signal of a “bubble phase.”
Instead, Visser recalled 2020-2021 NFT and early meme coin frenzies as textbook examples of what bubbles might look in crypto. They were accompanied by euphorias in media and splendid performance of all classes of altcoin assets:
2020/21 was clearly a bubble with my 13 yr old son printing money, altcoins and NFTs in the news and celebrities pitching crypto everywhere. Basically anything was working. The altcoin index is still 50% off the highs of the bubble and was sitting near the lows of the last three years just weeks ago
As such, altcoin statistics of this cycle also confirm that we are very far from reaching the top. As covered by U.Today previously, the ETH/BTC rate, a crucial indicator for the altcoin segment, set a multi-year low in recent weeks right before the Bitcoin (BTC) jump over $100,000.
Ethereum (ETH) was not so cheap against Bitcoin (BTC) since April 2021. Visser admitted that despite ETH being back over $4,000, it still fails to revisit its ATH.
All eyes on Magnificent 7
Also, we are still in the middle of processes of capital injection into spot Bitcoin and Ethereum ETFs in the U.S. and Hong Kong. This monstrous inflow is also far from exhaustion, recent data says.
Despite all controversy and regulatory hostility, crypto ETFs became the fastest-growing products in the entire ETF history.
That being said, to register a proper “bubble” status, the Bitcoin (BTC) price needs to rally against MAG7, an index of top tech stocks including Apple, Microsoft, Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla.
This particular process — parabolic growth of the BTC/MAG7 rate — marked the top for the last two Bitcoin (BTC) price cycles, seasoned CIO concluded.