Visser compared BTC’s path to Nvidia’s volatile yet record-setting rally. He argued that artificial intelligence could make equities less attractive while positioning Bitcoin as the ultimate digital-age store of value. At the same time, Samson Mow believes a wave of nation-state adoption is approaching, with a number of countries preparing to launch Strategic Bitcoin Reserves. Despite Bitcoin hovering around $110,000 and lagging behind gold and equities, both analysts see strong long-term potential, though some suggest the next major rally may be delayed until 2026. Analysts Split on Bitcoin’s Next Move Bitcoin’s journey toward new all-time highs is unlikely to be a straight path upward. This is according to market analyst Jordi Visser, who warned that big corrections of 20% or more will be part of the process. Even as the fourth quarter is traditionally strong for crypto markets, Visser believes pullbacks are inevitable while Bitcoin builds its long-term trajectory. By drawing a comparison to Nvidia, the high-performance chipmaker that is the world’s most valuable publicly traded company with a market cap above $4 trillion, Visser pointed out that massive rallies often come with equally sharp corrections along the way. Nvidia’s meteoric rise of over 1,000% since the launch of ChatGPT less than three years ago included at least five separate corrections of 20% or more, yet the stock still managed to set new record highs. Visser suggested Bitcoin will follow a similar pattern as part of what he calls the “AI trade.” According to his view, artificial intelligence will reshape the global economy, replacing human labor and disrupting traditional industries. This shift could weaken the long-term value of many established companies, making equities less attractive to investors. In such a scenario, Bitcoin will stand out as the ultimate store of value for the digital era by offering an alternative to depreciating fiat currencies and underperforming stocks. BTC’s price action over the past year (Source: CoinMarketCap ) Still, Bitcoin’s price performance over the past few months caused some debate among analysts and investors. While gold and equities are climbing to fresh highs, Bitcoin is trading near $110,000, which is roughly 11% below its record of more than $123,000. People are split on whether Q4 could drive BTC toward $140,000 or if the latest pullback signals the early stages of a deeper correction, which could potentially drag prices as low as $60,000. The lack of movement on proposals for a US strategic Bitcoin reserve also tempered optimism. Some analysts anticipated that such a reserve , built through regular government purchases, could drive huge demand for BTC in 2025, but the absence of progress has left investors a bit more cautious. Nation-State Bitcoin FOMO is Near Although the US strategic Bitcoin reserve is taking a bit longer than expected, Bitcoin adoption among nation-states could accelerate much faster than many expect. This is according to Jan3 founder Samson Mow. On the What Bitcoin Did podcast, Mow said that the world may be at the tipping point where gradual progress suddenly shifts into a wave of rapid adoption. He believes it is only a matter of time before a surge of countries embrace Bitcoin as part of their national strategies, and described it as a potential “nation-state FOMO.” A key driver of this narrative is the idea of a Strategic Bitcoin Reserve, which would see governments formally hold and accumulate BTC. Mow also said that although US President Donald Trump signed an executive order to establish such a reserve, the US has yet to begin purchasing. Still, he explained that the country is advancing its plans through budget-neutral acquisition proposals and the Bitcoin Act. Galaxy Digital’s Alex Thorn also suggested that a US reserve could materialize before the end of the year. However, Mow warned that the US risks being front-run by other countries, like Pakistan, if it delays purchases. The US currently holds 198,012 Bitcoin, according to Bitbo data , the largest sovereign holding of any government. Mow said he is particularly bullish on Latin America, where he expects major Bitcoin-related developments to emerge. The notion of governments and sovereign wealth funds holding Bitcoin has been gaining a lot of momentum throughout 2025. Fidelity Digital Assets predicted earlier this year that more nation-states and central banks would establish strategic positions in the cryptocurrency, which only adds credibility to the idea of Bitcoin as a reserve asset. Despite these developments, Bitcoin’s price has not delivered the explosive move higher that many anticipated. Mow admitted he expected a massive rally by now but suggested this cycle may simply be delayed until next year. Others in the industry share this outlook, including Bitwise CIO Matt Hougan, who recently predicted 2026 will be an “up year.”
