Leading cryptocurrency Bitcoin fell below $41,000 due to the selling pressure it experienced after the approval of spot ETFs.
While these sales made investors nervous, Jim Cramer, the host of CNBC's “Mad Money” program, shared a post on this subject.
Cramer, who is often the subject of ridicule when the exact opposite of his predictions come true and is therefore known as a reverse indicator in the Cryptocurrency community, warned investors about the BTC price.
Stating that Bitcoin sales had a bad start, Cramer claimed that the sales were just the beginning.
The famous presenter stated that Bitcoin bulls are resisting, but this is not and will not be enough to break the selling pressure.
Cramer also pointed out that BTC doubled its price in anticipation of the ETF, and argued that it would be more difficult for investors to own an asset whose value has doubled, and therefore no one would come to BTC.
“Bad start to Bitcoin sales.
Some people will probably try to resist here, but as we said last night, you can't own an asset that doubles in value by hundreds of billions of dollars in anticipation of an ETF. Then no one will come (to BTC).”
As you may remember, Jim Cramer claimed that Bitcoin had reached its peak, predicting a potential decline.
Nasty beginning to the bitcoin selloff. Someone's probably going to try to make a stand here but as we said last night you can't have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up
— Jim Cramer (@jimcramer) January 18, 2024
*This is not investment advice.
