Macro investor Jordi Visser says Bitcoin (CRYPTO: BTC) is early in a major bull market because the next wave of demand will come from billions of new digital wallet users, not Wall Street.
Visser Says Bitcoin Is Early In A Major Bull Market
Speaking on a podcast, Visser said analysts have misread the current cycle by focusing on insider selling instead of the broader shift toward tokenization and digital settlement.
He said sentiment faded even while Bitcoin continued outperforming the S&P 500 (NYSE:SPY), which signaled to him that the market was missing the underlying trend.
He compared long-time holders to early venture investors in an IPO who eventually need to monetize, calling the recent selling a normal part of market rotation.
Visser added that government engagement and innovation cycles are becoming more relevant this year, creating conditions for what he called "the beginning of a major bull market."
Digital Wallet Adoption And Tokenization Could Unlock Global Demand
Visser argued that Bitcoin's growth will not be driven by large institutions alone.
Instead, he sees a global fourth buyer "bucket" emerging as digital wallets, stablecoins, and tokenized assets bring billions of new participants into the financial system.
He said AI-powered agents could accelerate this shift by executing non-emotional, truth-based decisions, which he believes will benefit Bitcoin over time.
According to Visser, the narrative that institutions are the dominant buyers is flawed because most ETF flows come from retail accounts using platforms offered by companies such as BlackRock.
He also said demographic shifts support long-term adoption, noting that younger generations already hold Bitcoin at far higher rates than baby boomers, who control significant wealth that will transfer in the coming decades.
Volatility Compression Sets Stage For Future Short Squeeze
Visser says Bitcoin's current low volatility could lead to a major short squeeze.
He said that when the market finally breaks higher, "there will be nobody left to sell" because each original holder distributes coins to thousands of ETF buyers who historically do not trade actively.
The macro investor also said Bitcoin's moat becomes stronger as innovation cycles shorten.
Companies face rapid disruption from AI, but Bitcoin's structure remains intact because it does not rely on traditional fundamentals.
He added that physical gold does not fit the modern velocity-driven economy, while Bitcoin does.
This is why he expects Bitcoin to become larger than gold over time.
Technical Levels Show Bitcoin Trapped Between Key Supports And Resistance
BTC Price Prediction as of December 4th (Source: TradingView)
Bitcoin remains trapped inside a tightening triangle structure after repeated rejections near $93,500 to $94,000, a zone that aligns with trendline resistance and the 0.5 Fibonacci level.
A breakout above that zone could open the door toward $97,000 and retest the $100,000 region, with higher Fibonacci targets at $108,000 and $116,000.
Support remains firm around $86,800 to $87,000.
If that level breaks, analysts warn that the price could fall toward $82,000 to $80,500 due to thin demand zones beneath current levels.
RSI near 47 signals neutral momentum and aligns with Bitcoin's slow pace as traders wait for a catalyst.
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