Bitcoin: The new BitcoinBTCAccording to Jordi Visser, a market analyst, the crypto assets prices will likely experience major corrections in Q4 despite this quarter being typically favourable for them.
Visser stated that Bitcoin was part of AI and compared BTC with Nvidia. Nvidia is a computer chip maker known for its high performance. 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 age 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’s performance is slowing down, according to analysts
Analysts are keeping an eye on gold and other stocks hit new all-time highs Bitcoin is still trading at around $110,000, down about 11% since its peak of more than $123,000.
Investors disagree on whether BTC can reach new heights in Q4 and so rocket to $140,000 or if recent declines represent the beginning of a long-term 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 price growth for digital assets.
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Source: cointelegraph.com
