Expect major BTC corrections before new all-time highs: Analyst

The path to new Bitcoin (BTC) all-time highs will continue to feature major corrections of 20% or more, including possible corrections during Q4, despite it typically being a good quarter for crypto asset prices, according to market analyst Jordi Visser.

Visser said Bitcoin is part of the AI trade and compared BTC to Nvidia, a high-performance computer chip manufacturer that has become the world’s most valuable publicly traded company and the first public company to hit a $4 trillion valuation. Visser said:

“I just want to remind people that Nvidia is up over 1,000% since ChatGPT’s launch. During that time period, which is less than three years, you've had five corrections of 20% or more in Nvidia before it went back up to all-time highs. Bitcoin's going to do the same thing.”

Nvidia’s stock performance shown as price candles, while Bitcoin is displayed as a magenta line. Both have experienced sharp corrections despite the bull market. Source: TradingviewAs artificial intelligence takes over more sectors of the economy and replaces human labor, it will erode traditional companies and make stocks obsolete, driving investors to BTC, which will be the best store of value in the digital age, Visser predicted.

The price of Bitcoin is one of the most debated and analyzed topics in crypto, as market analysts attempt to forecast the digital currency’s price trajectory amid a time of rapid technological innovation, market disruption, and fiat currency debasement.

Related: Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz

Analysts grapple with slow-moving Bitcoin performance

Market analysts are watching gold and stocks hit new all-time highs while Bitcoin’s price remains near the $110,000 level, down by about 11% from its all-time high of over $123,000.

Investors are divided on whether new highs are possible in Q4, catapulting BTC to about $140,000, or if the recent drawdown represents the start of a prolonged bear market that could take BTC’s price down to $60,000.

Regulatory hurdles and the lack of progress on a Bitcoin strategic reserve in the United States that grows through periodic market purchases have dampened expectations for some analysts.

Previously, some analysts forecast that US government purchases of BTC for a national Bitcoin reserve would be a major price catalyst for the digital asset in 2025.

Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

• #Bitcoin
• #Bitcoin Price
• #Market Release Add reaction