HomeNewsJim Cramer's Bitcoin Skepticism Amid Market Downturn: A Temporary Rebound Predicted

Jim Cramer’s Bitcoin Skepticism Amid Market Downturn: A Temporary Rebound Predicted

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  • CNBC’s Jim Cramer expresses skepticism about Bitcoin’s future, predicting a temporary recovery followed by a downturn due to insufficient market inflows.
  • Bitcoin’s price falls below $39,000, with a potential to drop further to the $32,700 level, according to crypto analysts.

Jim Cramer’s ‘Number Go Down’ Theme on Bitcoin

Jim Cramer, the renowned host of CNBC’s ‘Mad Money’, has recently voiced his skepticism regarding the future trajectory of Bitcoin (BTC). His latest remarks come as Bitcoin experiences a significant drop, further fueling the debate about its stability and future prospects in the financial market.

Analyzing Bitcoin’s Market Movement

Cramer pointed out that Bitcoin has fallen approximately 20% from its recent high of $48,969, reached after the approval of Spot ETFs. While he anticipates a “strong stand” in Bitcoin’s price, he remains doubtful about its sustainability due to a perceived lack of sufficient inflows into the market.

Industry Experts’ Contrary Views

In contrast to Cramer’s views, some industry experts, such as Rufas Kumau, Senior Contributor at Forbes, have expressed optimism. Citing the ‘Inverse Cramer’ effect, they predict that Bitcoin‘s price is likely to rebound, despite Cramer’s bearish outlook.

Bitcoin’s Current Market Position

Bitcoin, the world’s leading cryptocurrency, is currently grappling with a bearish trend, with its price dipping below the $39,000 mark. As of the latest report, BTC was valued at $38,919.42, marking a 4.39% decline.

Market Cap and Trading Volume Shifts

The cryptocurrency has seen its market capitalization fall by 4.51% to $762.87 billion. However, there has been a significant increase in trading volume, surging by 82.63% to $31.10 billion. This indicates a heightened level of trading activity despite the downward price trend.

Potential Further Declines

Ali Martinez, a noted crypto analyst, has suggested that Bitcoin’s price could potentially fall below $33,000. His analysis, based on historical trends, indicates that BTC often retraces to the 50% Fibonacci level after hitting the 78.6% Fib level. If this pattern holds, Bitcoin could see a further 16% dip from its current price.

The Uncertain Path of Bitcoin

Jim Cramer’s latest comments on Bitcoin highlight the ongoing uncertainty and volatility in the cryptocurrency market. While his predictions point towards a short-lived recovery and further decline, contrasting views from other market experts suggest a more optimistic outlook. As Bitcoin navigates through these turbulent market conditions, investors and enthusiasts closely watch these developments, anticipating the cryptocurrency’s next move in an ever-evolving financial landscape.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628