Jeff Ross Predicts Extended Bitcoin Bull Market Driven by Macro Shifts and Manufacturing Recovery
Fund manager Jeff Ross argues that Bitcoin's recent 50% drawdown sets the stage for a grinding, multi-year bull market tied to expanding U.S. manufacturing and AI infrastructure spending.
In a recent interview, fund manager Jeff Ross discussed why Bitcoin's current market structure points toward a longer, more sustainable bull cycle rather than an immediate blow-off top. Reflecting on the recent market pullback, Ross noted that the drawdown stopped at around 50% to 55%—far shallower than historical 80% bear market drops—because Bitcoin did not experience an exponential parabolic top during its prior run up to approximately $126,000. This milder decline reduces downside risk for long-term holders, supporting a gradual upward trajectory as total market capitalization expands.
Ross pointed to broader macroeconomic shifts driving his optimistic outlook, particularly the operational recovery in U.S. manufacturing PMI and aggressive capital expenditure toward AI data centers, energy infrastructure, and defense sectors. He highlighted a strong historical correlation between U.S. manufacturing expansion and Bitcoin's rate of change, detailing his "three-burner theory" for explosive Bitcoin moves: excess system liquidity, accelerating manufacturing growth, and late-cycle market leverage.
Looking further ahead, Ross outlined scenarios where sovereign intervention could further fuel hard asset markets. As private capital and shadow bank debt markets face limits in funding massive AI infrastructure buildouts, Ross foresees potential central bank backstops or yield curve control around 2027 to inject liquidity. Additionally, citing technical analysis comparing the S&P 500 against gold, Ross suggested hard assets like Bitcoin and gold are well-positioned to outperform traditional equities and financial assets through the early 2030s.