Jim Cramer Doubts Bitcoin’s Future
Jim Cramer, the host of CNBC’s ‘Mad Money,’ recently expressed his skepticism about the future of Bitcoin. He emphasized this in a recent post on X, where he highlighted that Bitcoin has dropped 20% from its high of $48,969 following the approval of the Spot ETF. Cramer believes that even if Bitcoin recovers, it won’t be able to sustain its gains due to a lack of inflows. He has now adopted a ‘Number Go Down’ theme, referring to Bitcoin’s significant declines.
Cramer’s Comments May Boost Bitcoin Price
Despite Cramer’s negative remarks, industry experts anticipate that they may actually drive up the price of Bitcoin. Rufas Kumau, a Senior Contributor at Forbes, responded optimistically to Cramer’s tweet and suggested that Bitcoin will rebound. The crypto market has been experiencing a bearish trend, with Bitcoin falling below $39,000 and losing 20% since the high of $48,969 during ETF week. At present, Bitcoin is valued at $38,919.42.
Predictions of Further Decline
Crypto analyst Ali Martinez believes that Bitcoin could experience further decline and drop below $33,000 based on historical trends. Martinez noted that in previous bull cycles, Bitcoin retraced to the 50% Fibonacci level after reaching the 78.6% Fib level. As Bitcoin recently hit the 78.6% Fibonacci level again, Martinez expects a correction to the 50% level, potentially pushing the price down to $32,700.
Hot Take: Jim Cramer’s Skepticism and Its Impact on Bitcoin
Jim Cramer’s recent skeptical comments about Bitcoin’s future have caused a stir in the crypto community. While some believe that his remarks may negatively affect the price of Bitcoin, others are more optimistic and see it as an opportunity for the cryptocurrency to rebound. The ongoing bearish trend has pushed Bitcoin below $39,000, with a 20% loss from its recent high. Crypto analyst Ali Martinez even predicts a further decline to around $32,700. It remains to be seen how Cramer’s influence and the market dynamics will ultimately shape Bitcoin’s future.
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