Popular CNBC host of “Mad Money,” Jim Cramer, has recently drawn notice for his pessimistic comments regarding the future of Bitcoin (BTC). In his most recent post on X, he has reiterated his assertions. Furthermore, he is now endorsing the “Number Go Down” motif, referencing the sharp drops in Bitcoin prices.
Jim Cramer Offers Opinion On The Decline Of Bitcoin
Jim Cramer discussed how Bitcoin fell 20% from its peak of $48,969 after the introduction of the Spot ETF on X on Tuesday, January 23. Furthermore, he indicated that Bitcoin is ready to take a “strong stance,” but there’s more to it than that. The host of “Mad Money” continued by saying that even if Bitcoin recovered, there wouldn’t be enough money coming in to support it.
He wrote, “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.” Earlier, on Monday, Cramer had expressed further criticism regarding BTC’s future. The host wrote, “Unlikely that Bitcoin finds its footing.”
However, industry experts expect that such comments from Cramer would eventually propel the Bitcoin price up. Rufas Kumau, Senior Contributor at Forbes, quoted Cramer’s tweet and expressed optimism. Embracing the Inverse Cramer hashtag, Kumau wrote, “You know what it is.. we going back up.”
BTC Price Falls Below $39,000
The oldest cryptocurrency in the world has recently struggled with a bearish trend. In today’s session, the price of Bitcoin went below $39,000, indicating a significant 20% decline in relation to the peak of $48,969 set last week for the ETF. By 4.39% as of the time of publication, the value of Bitcoin was $38,919.42 on Tuesday.
With a market cap of $762.87 billion, the cryptocurrency appeared to have decreased by 4.51%. On the other hand, the trading volume of Bitcoin increased by 82.63% to $31.10 billion. Due to the significant decline, Bitcoin fell from a high of $41,169.30 to a low of $38,839.95 on Tuesday.
While citing past patterns, well-known cryptocurrency expert Ali Martinez predicted that the price of Bitcoin would potentially fall below $33,000. “Looking back at the last two bull cycles, $BTC usually retraced to the 50% Fibonacci level,” he said after hitting the 78.6% Fib.”
The analyst also mentioned that Bitcoin just retested the 78.6% Fibonacci level. Therefore, if the historical pattern continues, he anticipates a pullback to the 50% Fibonacci level. Moreover, he hinted at a 16% decline from the present price by saying it would drive the value of Bitcoin to as low as $32,700.
