Jim Cramer: Bitcoin (BTC) Price Won't Find Footing
Jim Cramer, a prominent CNBC host, has shared a pessimistic view on the future performance of Bitcoin (BTC).
The prominent stock picker believes that it is unlikely that the flagship cryptocurrency will be able to find its footing after coming close to plunging below the $40,000 level.
Godfrey BenjaminThe main bearish factor
The introduction of Bitcoin ETFs, initially heralded as a gateway for mainstream investors to easily engage with Bitcoin, has coincided with a downturn in BTC's market value.
This downturn starkly contrasts with the previously high expectations for Bitcoin's price trajectory.
A significant factor influencing this outlook is Grayscale, a key player in the digital asset space.
Alex DovbnyaGrayscale's recent actions have raised eyebrows, particularly its deposit of 15,308 BTC ($623.8 million) to Coinbase Prime.
This move follows a trend since the approval of Bitcoin Exchange-Traded Funds (ETFs), with Grayscale depositing a total of 63,991 BTC ($2.68 billion) to Coinbase Prime.
JPMorgan analyst Nikolaos Panigirtzoglou has pointed out the potential for more bearishness due to profit-taking on GBTC.
However, such influential voices as Galaxy Digital CEO Mike Novogratz and SkyBridge founder Anthony Scaramucci.
Cramer's prescient prediction
Cramer's recent comments on Bitcoin have proven to be eerily prescient.
The CNBC "Mad Money" host had previously issued a stern warning about Bitcoin's price prospects on the X social media network.
He argued that the asset's rapid value increase in anticipation of the ETF, which was followed by a lackluster market response, was a red flag.
Cramer had suggested that Bitcoin might be "topping out" in a "Mad Money" episode.
This prediction turned out to be accurate, as Bitcoin's price subsequently fell below the $41,000 mark.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Vladislav Sopov
Dan Burgin