Bitcoin has been under pressure recently, and former Morgan Stanley managing director Jordi Visser is hoping for a sharp uptrend soon.
In the context, BTC currently changes its hands at $110,412, down 1.84% over the last 24 hours, 11% below its August 14th peak of $124,517. In particular, the decline erased benefits from Federal Reserve Chair Jerome Powell’s speech by Devish Jackson Hole.
Bitcoin price struggle
Amid this downtrend, Anthony Pipriano invited Jordiviscer, CIO of Weiss Multi Strategy Advisor and former Morgan Stanley Managing Director. Podcasts To share his views on Bitcoin’s recent struggle.
In particular, the selloff caused the largest liquidation event of the year, closing $900 million in leveraged trading across the market. at the same time, Bitcoin ETF It recorded six consecutive days of outflows from August 15th to 22nd, emitting $1.188 billion from the market.
Visser explains why Bitcoin is down
In response to Pompliano, Visser said he was surprised that Bitcoin did not infiltrate high when Ethereum surged beyond the old high. For the context, Ethereum It jumped 14.33% on August 22, and eventually charged a new all-time high of $4,955 two days later, but Bitcoin managed only 3.93% profit before it went low.
Discussing this weakness, Visser pointed to the close relationship between Bitcoin, the stock market and the technology sector. He explained that slower AI trade momentum causes retail investors to slower frequently. Pull money Out Assets like Bitcoin.
Additionally, changes in Federal Reserve expectations regarding rate reductions played a role. Specifically, the market was fully priced in a cut just a week ago in September, but the odds have dropped to around 70%, shaking investors’ trust.
But despite these setbacks, Visser emphasized that the wider setup still prefers Bitcoin. He noticed that strong PMI measurements often line up with Bitcoin’s best gatherings, claiming that the same conditions exist today.
Bitcoin could see sharp movements
He admitted that he lacked time for a major breakout this year, but his outlook was bullish. “I’m still focusing on this, which is moving very sharply.He said.
Macro investors too It was pointed out That hedge fund and institution are now a big The role of Bitcoin Market. They often use it as a rounded string of liquid. Still, he insisted that momentum remains in Bitcoin’s favor. “All the tailwinds are behind.”
Meanwhile, Visser claimed that investors would eventually spin into Bitcoin as traditional tech giants lose momentum. According to him, “Anyone looking for beta and technology needs to move to Bitcoin.”
