- Jim Cramer, the popular host of the ‘Mad Money’ program, has recently drawn attention with his skeptical statements about the future of Bitcoin.
- On January 23rd, Tuesday, Jim Cramer highlighted that Bitcoin dropped by 20% from its peak of $48,969 after the approval of the Spot ETF.
- The price of Bitcoin experienced a significant loss of 20% in today’s trading, dropping below $39,000, considering last week’s peak of $48,969.
Mad Money host Jim Cramer suggests that Bitcoin’s price may rise, but emphasizes that this rise won’t be sustainable.
Cramer Emphasizes No More Money Flowing into Bitcoin
Jim Cramer, the popular host of CNBC’s ‘Mad Money’ program, has recently drawn attention with his skeptical statements about the future of Bitcoin. He reiterated his claims in his latest post on the X platform and now supports a ‘Number Go Down’ theme, showing Bitcoin’s significant declines.
On January 23rd, Tuesday, Jim Cramer highlighted that Bitcoin dropped by 20% from its peak of $48,969 after the approval of the Spot ETF. He also mentioned that BTC is ready to show a ‘strong stance,’ but there is more to it. The ‘Mad Money’ host added that even if BTC recovers, it won’t sustain it because there is no money flowing in.
Cramer said, ‘Now that Bitcoin has dropped about 20% from its peak, I expect a strong stance to be taken, but it’s not coming in because there’s not enough money. New theme: Number Go Down.’ Earlier on Monday, Cramer had more criticism about the future of BTC, writing, ‘The likelihood of Bitcoin finding its footing is low.’
However, industry experts expect that Cramer’s comments of this nature will eventually lift the Bitcoin price. Rufas Kumau from Forbes expressed optimism by quoting Cramer’s tweet. Embracing the Inverse Cramer tag, Kumau wrote, ‘You know what happens… we’re going up again.’
BTC Price Falls Below $39,000
The world’s oldest cryptocurrency has recently faced a downward trend. Bitcoin’s price experienced a significant loss of 20%, dropping below $39,000 in today’s trading, considering last week’s peak of $48,969.
The crypto displayed a market cap of $762.87 billion, indicating a 4.51% decrease. However, Bitcoin’s trading volume increased by 82.63%, reaching $31.10 billion. Due to the significant pullback, BTC dropped from $41,169.30 to $38,839.95 on Tuesday.
On the other hand, Ali Martinez, a popular crypto analyst, suggested that Bitcoin’s price could drop below $33,000, referring to historical trends. ‘Looking at the last two bull cycles, BTC typically retraced to the 50% Fibonacci level after reaching the 78.6% Fibonacci level.’
The analyst pointed out that Bitcoin recently reached the 78.6% Fibonacci level again. Therefore, expecting a correction to the 50% Fibonacci level if the historical pattern continues. Additionally, she noted that this situation could pull the BTC value down by up to 16% from the current price.
