Bitcoin Shows Signs of Recovery
Bitcoin has started to show a positive sentiment after dropping below $38,000 earlier today. As of now, the coin is trading at $40,102.37, gaining 1.41% in the last 24 hours. Jim Cramer believes this is a good time for investors to sell their holdings and potentially make more profit before a possible decline.
Jim Cramer has been closely following Bitcoin’s progress and noticed its strong start when it began its recovery rally earlier this week. He observed that the coin found support around the $40,100 price level.
It’s not surprising for Cramer to advise Bitcoin holders to liquidate their portfolios, considering his fluctuating stance in recent days.
Should You Buy Bitcoin Now?
Bitcoin recently experienced a drop of over 20%, and during that time, Cramer predicted that if the coin recovered, it wouldn’t be able to sustain its resurgence due to a lack of inflows. He made this statement in light of the Grayscale GBTC dump.
Cramer stated, “Now that Bitcoin’s down about 20% from its high, I expect a strong stand to be made but it won’t hold because not enough money is coming in. New theme: Number Go Down.”
Cramer had previously expressed skepticism about Bitcoin’s future, stating that it was unlikely for the coin to find its footing. However, industry experts believe that Cramer’s statements could positively impact the price of Bitcoin.
The recent price surge indicates significant recovery for the coin. Traders can decide whether or not to follow Cramer’s advice based on their risk appetite. It’s possible that the price may fluctuate sideways or either break out bullishly or continue on a negative slide.
Hot Take: Bitcoin Recovery and Cramer’s Advice
The recent recovery streak of Bitcoin suggests a potential turnaround for the coin. Jim Cramer’s advice to liquidate holdings at this point is a reflection of his belief that investors can secure more profits before a potential downturn. While his stance has been inconsistent, it’s clear that he recognizes the market’s volatility and seeks to provide guidance based on his observations.
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