The Wall Street Narrative Is Missing the Point

Macro investor Jordi Visser thinks most analysts are reading Bitcoin (BTC) all wrong. Sure, the institutional adoption story sounds compelling, but he believes the next major bull market won't be powered by Wall Street suits—it'll be driven by everyday people around the world using digital wallets.

Speaking on a recent podcast, Visser pointed out that analysts have been fixated on insider selling and ETF flows while missing a much bigger trend: the global shift toward tokenization and digital settlement. Even as sentiment cooled, Bitcoin kept outperforming the S&P 500 (SPY), which told him the market was distracted by noise instead of focusing on the underlying fundamentals.

He compared long-time Bitcoin holders to early venture investors who cash out after an IPO. It's not a bearish signal—it's just normal market rotation. What matters now, according to Visser, is that government engagement and innovation cycles are accelerating, setting the stage for what he calls "the beginning of a major bull market."

Billions of Digital Wallets Could Change Everything

Here's where Visser's thesis gets interesting. He argues that Bitcoin's growth won't depend on a handful of massive institutions piling in. Instead, he sees a fourth wave of demand emerging from billions of new participants entering the financial system through digital wallets, stablecoins, and tokenized assets.

This isn't some distant futuristic scenario, either. Visser believes AI-powered agents could speed up the process by making non-emotional, data-driven decisions that naturally favor Bitcoin. And here's the kicker: most ETF flows that everyone attributes to institutions? They're actually coming from retail accounts on platforms offered by companies like BlackRock. The institutional dominance narrative is overstated.

Demographics play into this too. Younger generations already hold Bitcoin at significantly higher rates than baby boomers. As wealth transfers over the coming decades, that gap will matter. A lot.

Low Volatility Now Could Mean Explosive Moves Later

Visser also flagged something counterintuitive: Bitcoin's current low volatility might be setting up a major short squeeze. His reasoning? When the market finally breaks higher, "there will be nobody left to sell" because original holders have already distributed their coins to thousands of ETF buyers who don't actively trade.

He also touched on Bitcoin's competitive advantage in a world where innovation cycles keep shortening. Traditional companies face constant disruption from AI and new technologies, but Bitcoin's structure doesn't rely on quarterly earnings or product roadmaps. It just exists, immutable and decentralized.

Physical gold, Visser argues, doesn't fit a modern velocity-driven economy the way Bitcoin does. That's why he expects Bitcoin to eventually surpass gold in market size.

Technical Picture Shows Bitcoin at a Crossroads

From a technical standpoint, Bitcoin remains stuck inside a tightening triangle pattern after getting rejected multiple times near $93,500 to $94,000. That zone aligns with trendline resistance and the 0.5 Fibonacci retracement level, making it a critical barrier.

If Bitcoin breaks above that resistance, the path opens toward $97,000 and a retest of the psychologically important $100,000 level. Higher Fibonacci targets sit at $108,000 and $116,000.

On the downside, support holds firm around $86,800 to $87,000. If that level fails, analysts warn the price could drop toward $82,000 to $80,500 because there aren't many strong demand zones beneath current prices. The RSI hovering near 47 signals neutral momentum, which tracks with Bitcoin's slow grind as traders wait for a catalyst to pick a direction.

So Bitcoin is essentially coiled and waiting. Visser's bet is that when it moves, the direction will be up—and the fuel won't come from where most people are looking.