Jim Cramer Adopts ‘Number Down’ Theme as Bitcoin Drops 20% from Highs
Jim Cramer, the popular host of the ‘Mad Money’ program on CNBC, recently attracted attention with his skeptical statements regarding the future of Bitcoin (BTC). He doubled down on his claims in his latest post about X. He also supports the ‘Numbers Fall’ theme, referring to Bitcoin’s massive declines at the moment.
Jim Cramer Comments on Bitcoin’s Decline
On Tuesday, January 23, Jim Cramer went to X to highlight that Bitcoin is down 20% from its peak of $48,969 after the Spot ETF approval. He also stated that BTC is ready for a “strong stance” but there is more to it than that. The ‘Mad Money’ host added that even if BTC recovers, it will not be able to hold it due to lack of inflows.
He wrote: “Bitcoin is currently down about 20% from its high, I expect it to hold a strong hold but it won’t hold because not enough money is coming in. New topic: Number Falls.” Previously on Monday, Cramer expressed criticism about the future of BTC. “Bitcoin is unlikely to find its footing,” the host wrote.
However, industry experts think that such comments from Cramer will eventually increase the Bitcoin price. Forbes Senior Contributor Rufas Kumau expressed his optimism by quoting Cramer’s tweet. Adopting the reverse Cramer hashtag, Kumau wrote: “You know what..we’re coming back.”
Also Read: Jim Cramer Doubts Bitcoin Recovery After ETF Entry
BTC Price Dropped Below $39,000
The world’s oldest cryptocurrency has been struggling with a downward trend lately. Bitcoin price broke below $39,000 in today’s session, signaling a massive 20% loss considering the ETF’s week high of $48,969. At press time, BTC was down 4.39% on Tuesday at $38,919.42.
The market cap of the cryptocurrency was seen at $762.87 billion, indicating a decline of 4.51%. In contrast, Bitcoin’s transaction volume increased by 82.63% to $31.10 billion. Due to the significant pullback, BTC dropped from $41,169.30 to $38,839.95 on Tuesday.
Meanwhile, Ali Martinez, a popular crypto analyst, suggested that the Bitcoin price could even fall below $33,000, citing historical trends. He stated: “Looking at the last two bull cycles, $BTC has generally fallen back to the 50% Fib level after reaching the 78.6% Fib.”
The analyst added that Bitcoin recently reached the 78.6% Fibonacci level again. Therefore, if the historical pattern continues, expect a correction towards the 50% Fibonacci level. He also noted that this could drop the BTC value to as low as $32,700, indicating a 16% decline from the current price.
Also Read: Mt Gox’s Big Bitcoin Will Release, Will BTC Price Drop?
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