We are close to clocking eight months since we last saw Bitcoin (BTC) trade near its all-time high (ATH) of $126,000. Ever since the Oct. 10 slide last year, we have seen Bitcoin struggling to break past $70,000 and maintain the momentum.
In fact, at the time of writing, Bitcoin was changing hands near $66,427, which is roughly 47% lower than its ATH.
Added to that is the volatility in recent days, thanks to the geopolitical turmoil in the Middle East.
Veteran macro investor Jordi Visser gives his blunt read on Bitcoin.
Related: Popular hedge fund manager predicts Bitcoin will crash to zero
A blunt message on Bitcoin
Speaking with Anthony Pompliano in an episode published on June 13, the 30-year market veteran and author of the VisserLabs Substack argued that investors chase momentum and stories, not beaten-down assets.
And right now, Bitcoin offers neither.
“Nobody wants to buy Bitcoin right now because it’s way below the 200-day moving average,” Visser said.
The 200-day moving average is a closely watched gauge of an asset’s long-term trend, and trading well beneath it signals weakness that tends to keep buyers on the sidelines.
As of press time, Bitcoin’s 200-day moving average stood at $86,535.09, as per Barchart. That puts its current price roughly 23.2% below the long-term trend line.
Bitcoin’s slump, in his view, has less to do with the asset itself than with shaky sentiment across the crypto market.
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Where Visser’s putting money instead
Visser, who calls himself a storyteller who invests, said markets run on narratives that let people feel comfortable riding an asset higher. Investors flock to names hitting 52-week highs because the dream feels within reach.
“Narratives are things that give human beings the ability to feel comfortable that they can ride something because the dream is there,” he added.
Bitcoin and the wider crypto market are unloved at the moment, he argued, precisely because they are not working. This leaves the story without the momentum it needs to draw a crowd.
Rather than directly chasing the AI and space narratives, Visser said he is buying the physical commodities those visions depend on. This includes silver, copper, and energy.
Visser framed them as bottlenecks for data centers, batteries, and future humanoid robots, noting that projected copper demand over the next decade rivals all the copper mined throughout human history. He also expects silver could climb tenfold.
