Jim Cramer’s Bitcoin Forecast
Bitcoin has experienced a slight recovery after dropping below $38,000 earlier this week. It is currently trading at $40,083.70 with a 1.46% increase in the last 24 hours. Jim Cramer, the host of CNBC Mad Money, acknowledged this positive sentiment but mentioned that it feels “a tad heavy here.” This statement from Cramer, who was previously skeptical about Bitcoin’s recovery, sparked reactions from members of the crypto community.
Bitcoin, so strong early this morning, seems a tad heavy here
— Jim Cramer (@jimcramer) January 24, 2024
A week ago, when BTC was around $45,000, Cramer made a post suggesting that Bitcoin would not go beyond that level. He stated, “Checking in with Larry Williams. Major top in Bitcoin… MAJOR.” So far, this projection has held true.
In another projection, Cramer mentioned that the overall crypto market is still far from its bottom. However, this was during a bearish period when Bitcoin and Ethereum prices were plummeting. This projection indicates that more downturn may be imminent.
Bitcoin Price and Fluctuations
Cramer became more pessimistic about Bitcoin’s potential to reach a new all-time high when the price dropped to $38,000. He predicted a recovery after a recent dip but expected it to be short-lived due to low inflows. The debut of the spot Bitcoin ETF was expected to trigger a price boom, but various factors such as FTX liquidation and Grayscale GBTC dump led to the fall in the price of Bitcoin.
Cramer’s stance on Bitcoin has been inconsistent. While he has expressed confidence in its long-term sustainability, he has also voiced skepticism during bearish periods. Much of his changing sentiment occurred during the spot Bitcoin ETF hype.
Hot Take: Jim Cramer Acknowledges Bitcoin’s Recovery
Jim Cramer, host of CNBC Mad Money, acknowledges the recent recovery of Bitcoin’s price. Although he describes it as “a tad heavy,” this positive sentiment is notable considering his previous doubts about Bitcoin’s recovery. Cramer’s projections about Bitcoin’s price have been mixed, with some holding true and others suggesting further downturn. Despite his changing stance, Cramer’s statements continue to draw attention from the crypto community.
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