Jim Cramer, the popular host of CNBC's “Mad Money,” recently gained attention for his skeptical comments about the future of Bitcoin (BTC). He made his claims in his last post
Jim Cramer weighs in on Bitcoin's demise
On Tuesday, January 23, Jim Cramer went to Additionally, he noted that BTC is ready to take a “strong stance,” but there is more to it than that. The “Mad Money” host added that even if BTC recovers, it would not be able to sustain it due to a lack of inflows.
He wrote: “Now that Bitcoin is down about 20% from its peak, I expect a strong stance, but it won't hold because there isn't enough money coming in. New topic: Number Go Down.” Previously, on Monday, Cramer had expressed further criticism of the future of BTC. The moderator wrote: “Bitcoin is unlikely to gain a foothold.”
However, industry experts believe that such statements from Cramer would ultimately drive up the price of Bitcoin. Rufas Kumau, senior contributor at Forbes, quoted Cramer's tweet and expressed optimism. Kumau took to the Inverse Cramer hashtag and wrote: “You know what it is. We’re going up again.”
Also Read: Jim Cramer Doubts Bitcoin’s Recovery After ETF Launch
BTC price falls below $39,000
The world's oldest cryptocurrency has been struggling with a downward trend recently. Bitcoin price fell below $39,000 in today's session, a huge 20% loss given the ETF's weekly high of $48,969. At press time, BTC was valued at $38,919.42 on Tuesday, down 4.39%.
The cryptocurrency had a market capitalization of $762.87 billion, indicating a decline of 4.51%. In contrast, Bitcoin trading volume increased by 82.63% to $31.10 billion. The significant decline saw BTC fall from a high of $41,169.30 to a low of $38,839.95 on Tuesday.
Ali Martinez, a popular crypto analyst, suggested that Bitcoin price could even fall below $33,000, citing historical trends. He explained: “Looking at the last two bull cycles, $BTC has typically fallen back to the 50% Fibonacci level after reaching the 78.6% Fibonacci level.”
The analyst added that Bitcoin recently reached the 78.6% Fibonacci level again. Therefore, he expects a correction to the 50% Fibonacci level if the historical pattern continues. Furthermore, he explained that this could cause the BTC value to fall as low as $32,700, indicating a 16% decline from the current price.
Also Read: Huge Bitcoin Unlock From Mt. Gox Hits Market, BTC Price Crashes?
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