Bitcoins: The new BitcoinsBTCJordi Visser, market analyst at Investopedia, believes that despite the fact that Q4 is typically a positive quarter for cryptocurrency asset prices, there will be major corrections.
Visser asserted that Bitcoin was part of the AI industry and compared BTC with Nvidia, the high-performance chip maker which has grown to be the largest in the world. most valuable publicly traded company And the first publicly traded company to achieve a value of over $4 trillion. 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.”
The artificial intelligence that is replacing human labor in many sectors will make traditional companies obsolete and erode their stocks. driving investors to BTCVisser predicts that the most valuable asset in the digital era will be gold.
Market analysts try to predict the price path of Bitcoin amid rapid technological innovations, disruptions in the market, and devaluation of fiat currencies.
Related: Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz
Bitcoin Performance Slows Down: Analysts’ Concern
Analysts are keeping an eye on gold and other stocks hit new all-time highs Bitcoin remains at a price of about $110,000. This is down 11% from the all-time record high, which was over $123,000.
Investors differ on the possibility of new highs, which could push BTC up to around $140,000 in Q4, or whether the recent drop represents the beginnings of a bear market. could take BTC’s price down to $60,000.
Analysts have been disappointed by regulatory hurdles, and the slow progress in creating a Bitcoin Strategic Reserve that is built up through regular market purchases.
Analysts had previously predicted that the US government’s purchase of BTC to create a Bitcoin national reserve in 2025 would act as a catalyst for a significant price increase for this digital asset.
Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
