A recent post about Bitcoin (BTC) on X by Jim Cramer has gotten the internet agog as viewers are no longer sure of what to expect from the American television personality who has made several conflicting predictions in the last few weeks.

Cramer is Skeptical About Bitcoin

His post statement on X reads

“checking in with Larry Williams. Major top in Bitcoin… MAJOR.” 

This post suggests Cramer is certain Bitcoin will not grow past the current level, despite the spot Bitcoin ETF hype. For the public, this comes off as a surprise considering that it is barely one week that Cramer openly declared his confidence in Bitcoin as an asset that is here to stay. 

Also, few days into the New year, Cramer took to the X app to express his skepticism towards cryptocurrencies, predicting “another weak year for crypto.” For an individual who has continually been pessimistic about digital currencies, his skepticism did not mean much to the crypto ecosystem at the time. 

Rather, the industry was concerned about how he could come up with such a blunt assessment considering that the nascent industry has demonstrated extreme resilience. 

Crypto adoption and integration has seen a significant hike as institutional investors are more receptive towards the asset class. This receptiveness was expressed in the recent push for spot BTC ETF approval from the United States Securities and Exchange Commission (SEC) as seen earlier this week.

BTC Staggering Below $46,000

To complement the call from Jim Cramer, Bitcoin’s price is now trading lower after relapsing below $46,000 a few days ago. At press time, the flagship cryptocurrency was trading at $45,185.83, indicating a 6.5% drop within the last 24 hours. 

In the 24 hours since the spot Bitcoin ETF started trading, Bitcoin has grown in between two extremes from a low of $44,531.55 to a high of $46,977.82 before consolidating at the current price.

Before it finally came two days ago, it was highly anticipated that the SEC’s spot Bitcoin ETF approval would serve as a positive driver to the price of Bitcoin. However, there has not been much to the greenlight in terms of Bitcoin as there have only been trickles of price gain for the coin. At the same time, it might be too early to conclude on the spot Bitcoin ETF’s influence on Bitcoin price as it could take a reverse course in the coming days.

The post “Major Top in Bitcoin” Jim Cramer Declares appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am