- TV presenter Jim Cramer declares Bitcoin’s topping out before ETF arrival.
- The community on X is optimistic about BTC, which aligns with the Inverse Cramer strategy.
- Bitcoin trade heatmap shows two substantial liquidity areas for BTC’s price.
The controversial TV host Jim Cramer raised many eyebrows last week, switching his stance on the world’s largest digital asset. Cramer called Bitcoin a “technological marvel,” also adding that Bitcoin is “indestructible” and recognizing Bitcoin’s relevance in today’s financial landscape.
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In today’s episode of CNBC’s Mad Money, Cramer, whose financial takes tend to go the opposite direction, explicitly stated that “Bitcoin is topping out, by the way,” sending a message of relief to BTC investors.
Just last week, Cramer’s newly-found appreciation for Bitcoin coincided with a sharp drop in BTC’s 7% price, as the rumors of a Bitcoin ETF rejection were on the rise at the time.
Traders See $50,000 on the Horizon
For many crypto enthusiasts on Twitter, the latest remarks by Cramer serve as some assurance that Bitcoin’s run could extend to $50,000. “The God Candle is coming,” declared The Bitcoin Therapist.
On top of that, a group of Twitter crypto community members agreed that Cramer’s remarks were “the best news of the week” and thanked the host for his input. Indeed, the king crypto breached $47,000 for the first time since April 2022.
The 8% BTC daily upswing is also evident in the rising Open Interest, as crypto bears and bulls placed their bets worth up to $780 million during the upward price movement in the last 24 hours. Meanwhile, crypto bears lost over $100 million in short-selling leveraged positions, according to on-chain data.
Bitcoin trades at $46,703.34 at press time, according to price aggregator CoinGecko. Where BTC is heading next highly depends on the approval of BTC’s exchange-traded fund (ETF), as the U.S. Securities and Exchange Commission (SEC) will decide this Wednesday.
On the Flipside
- In a bearish scenario for BTC, the nearest major liquidity support area lies around $42,500, according to the heatmap by Hyblock Capital.
- To break past $50,000, Bitcoin would need a daily close above the next major liquidity territory above $48,000, unseen since December 2021.
Why This Matters
Jim Cramer is a known figure in the financial industry, whose skepticism about Bitcoin and cryptocurrency in the past often coincided with significant bull runs for BTC and altcoins.
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