Veteran investor Jordi Visser expressed steadfast confidence in Bitcoin (BTC), despite the cryptocurrency being approximately 50% lower than its all-time high. Speaking during a recent episode of the Anthony Pompliano Podcast, Visser, who boasts three decades of experience in Wall Street’s finance and macroeconomics sectors, maintained that Bitcoin is currently in a bear market, cautioning investors against searching for optimistic signals until clearer positive indicators emerge from the charts.
Visser emphasized Bitcoin’s ongoing struggle to reclaim crucial moving averages, noting that current price movements suggest continued weakness in the market. He made a case that the current downturn is distinct from earlier crypto selloffs, as Bitcoin has started to show less correlation with the broader stock market.
At the time of his remarks, Bitcoin’s price was reported at $60,807, marking a slight decline of over 1% within the previous 24 hours. Analysis on platforms like Stocktwits reflected a predominately bearish sentiment among retail investors, with discussions around BTC remaining at elevated levels despite the negativity.
Despite recognizing the risks associated with Bitcoin, Visser has maintained his investment in the cryptocurrency, asserting that he has never divested his core position. He characterized Bitcoin as just one element within a diversified investment strategy, warning that concentrating all wealth into Bitcoin could expose investors to unnecessary risks.
Visser also countered claims that Bitcoin’s current struggles undermine its overall value proposition. He pointed to significant advancements such as the potential introduction of spot Bitcoin exchange-traded funds (ETFs) and a rising political acceptance of cryptocurrencies, which have not led to the sustained selling pressure that skeptics had anticipated.
Additionally, Visser’s cautious approach seems to resonate within the trading community. Veteran trader Peter Brandt noted that while Bitcoin had reached an initial downside target at February’s low, it could still face further declines or a more severe collapse. Brandt indicated that a tradable low might not appear until October.
For now, Visser is adopting a patient strategy, selectively increasing his exposure to Bitcoin during this downturn. He stressed the importance of waiting for technical indicators that will confirm a new upward trend, advising investors to refrain from basing their decisions on hope and instead focus on the actual signals presented by the market.
