Today – Jordi Visser, former CIO and president of Weiss Multi Strategy Advisors, is confident that we are not in a “bubble” phase above $100,000. To reach potential highs, it first needs to rise against MAG7, an index of major U.S. tech stocks.
No, BTC is not a bubble, says investment veteran Jordi Visser
There is no “breakout or bubble top” here for Bitcoin (BTC) prices, experienced investor, market commentator, and podcaster Jordi Visser shared in a recent X-thread. Even with the fact that Bitcoin (BTC) has managed to double in price for two years in a row, it is far from a bubble-like situation for tech companies.
For example, the macro chart of Bitcoin (BTC) price is too different from the 1990s “Internet Bubble”, which recorded year zero in the red. MicroStrategy's efforts to overvalue cryptocurrencies should also not be treated as a sign of a “bubble period”.
Instead, Visser recalled the NFT and early meme coin craze of 2020-2021 as a textbook example of what a bubble in cryptocurrencies could look like. These were accompanied by media excitement and impressive performance for altcoin assets of all classes.
Therefore, the altcoin statistics for this cycle also confirm that it is far from the top. As previously covered by U.Today, this rate, a key indicator for the altcoin segment, hit a multi-year low in recent weeks just before Bitcoin (BTC) crossed the $100,000 mark.
Since April 2021, (ETH) has not been that cheap against Bitcoin (BTC). Visser admitted that even though ETH has returned above $4,000, he is still unable to reconsider ATH.
Focus on Magnificent 7
Also, the process of capital injection into Bitcoin and Ethereum spot ETFs is still underway in the US and Hong Kong. Recent data shows that this incredible influx is far from drying up.
Despite all the controversy and hostility from regulators, crypto ETFs have become the fastest growing product in the entire history of ETFs.
That being said, to register proper “bubble” conditions, Bitcoin (BTC) price has fallen below an index of top tech stocks including Apple (NASDAQ:), Microsoft (NASDAQ:), and Alphabet (NASDAQ:). should rise for MAG7, which is Amazon.com (NASDAQ:), Nvidia (NASDAQ:), Meta Platform (NASDAQ:), and Tesla (NASDAQ:).
This particular process, the parabolic growth of the BTC/MAG7 rate, marked the top of the last two Bitcoin (BTC) price cycles, the experienced CIO concluded.
This article was originally published on U.Today
