Jim Cramer Embraces 'Number Go Down' Theme As Bitcoin Drops 20% From High

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Jim Cramer Embraces ‘Number Go Down’ Theme As Bitcoin Drops 20% From High – Crypto News

Published

2 years ago

January 23, 2024

Dripp

Jim Cramer, the popular host of ‘Mad Money’ on CNBC, has recently grabbed attention for his skeptical remarks on the future of Bitcoin (BTC). He has doubled down on his claims in his latest post on X. Moreover, he is now promoting a ‘Number Go Down’ theme, citing Bitcoin’s massive declines.

Jim Cramer Passes Comments On Bitcoin’s Downfall

On Tuesday, January 23, Jim Cramer took to X and highlighted how Bitcoin dropped 20% from its high of $48,969 attained after Spot ETF approval. In addition, he noted that BTC is poised for a “strong stand,” however, there’s more to it. The ‘Mad Money’ host added that even if BTC recovers, it wouldn’t be able to hold it due to lack of inflows.

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.”

Also Read: Jim Cramer Doubts Bitcoin Recovery After ETF Introduction

BTC Price Falls Below $39,000

The world’s oldest crypto has been grappling with a bearish trend lately. The Bitcoin price extended below $39,000 in today’s session, signaling an enormous loss of 20% considering last week’s high of $48,969. At press time, BTC was valued at $38,919.42 on Tuesday, down by 4.39%.

The crypto displayed a market cap of $762.87 billion, suggesting a 4.51% drop. In contrast, Bitcoin’s trading volume surged by 82.63% to $31.10 billion. Owing to the substantial pullback, BTC slumped to a low of $38,839.95 on Tuesday from a high of $41,169.30.

Whilst, Ali Martinez, a popular crypto analyst, suggested that Bitcoin price could even plunge below $33,000, citing historical trends. He stated, “Reflecting on the last two bull cycles, $BTC typically retraced to the 50% Fibonacci level after hitting the 78.6% Fib.”

The analyst added that recently Bitcoin hit the 78.6% Fibonacci level again. Hence, he expects a correction to the 50% Fibonacci level if the historical pattern holds. Furthermore, he stated that it could push the BTC value to as low as $32,700, hinting at a 16% dip from the current price.

Also Read: Mt Gox’s Huge Bitcoin Unlock To Hit Market, BTC Price To Crash?