- TV presenter Jim Cramer declares Bitcoinโs 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 BTCโs price.
The controversial TV host Jim Cramer raised many eyebrows last week, switching his stance on the worldโs largest digital asset. Cramer called Bitcoin a โtechnological marvel,โ also adding that Bitcoin is โindestructibleโ and recognizing Bitcoinโs relevance in todayโs financial landscape.
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In todayโs episode of CNBCโs Mad Money, Cramer, whose financial takes tend to go the opposite direction, explicitly stated that โBitcoin is topping out, by the way,โ sending a message of relief to BTC investors.
Just last week, Cramerโs newly-found appreciation for Bitcoin coincided with a sharp drop in BTCโs 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 Bitcoinโs run could extend to $50,000. โThe God Candle is coming,โ declared The Bitcoin Therapist.
On top of that, a group of Twitter crypto community members agreed that Cramer’s remarks were โthe best news of the weekโ 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 BTCโs 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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