Macro analyst Jordi Visser says bitcoin and ether are both within striking distance of price levels that could confirm a trend reversal, even as a growing chorus of industry voices calls for further downside.

Visser’s key levels to watch

Speaking on the Anthony Pompliano podcast published on Friday, Visser laid out the conditions he believes would confirm a durable move higher.

He said:

“If we trade above $76,000 and at the same time we see Ethereum above $2,400, I believe that is the beginning of a move that will be sustainable this year because I don’t think we’re going to have a recession.”

At the time of publication, bitcoin was trading around $71,646, meaning a move to $76,000 would represent a gain of roughly 6.1%.

Inflation and the macro backdrop

Visser’s bullish case rests heavily on his inflation outlook.

The U.S. Bureau of Labor Statistics reported on Friday that the Consumer Price Index rose 3.3% year-over-year in April, keeping inflation elevated.

Visser argued:

“I think inflation is going to stay elevated, and I think people are going to need to find something that is making money in a world where the S&P is not moving anywhere.”

Traders on prediction markets appear to share his recession skepticism, with Kalshi pricing only a 24% chance of a recession in 2026—down 10 percentage points over the past 30 days.

Bears still see more downside

Not everyone shares Visser’s optimism.

On March 31, veteran trader Peter Brandt said bitcoin could retest or fall “slightly lower” than its February 6 yearly low of $60,000 sometime in September or October.

Brandt stated:

“That would then be the bear cycle low.”

Visser, for his part, said he has never been a fan of labeling bitcoin’s price action in strict bull or bear terms, noting that markets simply go up and then “at some point people don’t invest as much as they have.”