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The price of Bitcoin (BTC) has seen a slight recovery and CNBC Mad Money Host Jim Cramer has acknowledged the sudden positive sentiment the coin has picked up.
Jim Cramer and His Bitcoin Forecast Record
After closing under $38,000 earlier this week, Bitcoin began to consolidate gradually. Currently, Bitcoin is trading at $40,083.70 with a 1.46% increase in the last 24 hours.
Jim Cramer noted that the bullish movement is “strong”, adding that it’s “a tad heavy here.” Coming from Jim Cramer who, in recent times, has been doubtful of Bitcoin’s recovery following the introduction of spot Bitcoin ETF, this sparked some reaction from crypto X members.
Bitcoin, so strong early this morning, seems a tad heavy here
— Jim Cramer (@jimcramer) January 24, 2024
About a week ago when BTC was trading around $45,000, Jim Cramer made a cryptic post that suggested that the flagship cryptocurrency would not go beyond that level.
“Checking in with Larry Williams. Major top in Bitcoin… MAJOR,” he posted on X at the time. Thus far, this projection is holding.
In another projection, he noted that the broad crypto market is still very far from the bottom. Unfortunately, this was at a time when the crypto industry was facing a bearish sentiment and the prices of many assets including Bitcoin and Ethereum were plummeting. This projection, contrary to the current outlook, suggests more downturn is imminent.
Bitcoin Price and Steep Fluctuation Mode
Once the price hit $38,000, Jim Cramer became more pessimistic about its potential to hit a new all-time high. In another prediction, the CNBC Mad Money Host mentioned that he expects Bitcoin price to recover after a recent dip, however, he anticipated the rebound to be short-lived due to low inflows
The debut of the spot Bitcoin ETF offering was expected to trigger a price boom being a significant milestone, however, a couple of events have led to the fall in the price of the underlying asset. A few of these drivers are ongoing FTX liquidation, Grayscale GBTC dump, and others.
Jim Cramer has a dual personality when it comes to Bitcoin. Sometimes, he is optimistic about the token and sometimes, he voices his skepticism about the top asset. Most of his erratic stance was voiced amidst the spot Bitcoin ETF hype. He had previously declared his confidence in Bitcoin as a sustainable asset for the long term but soon changed his sentiment when BTC exhibited its bearish sentiments.
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