Bitcoin’s unyielding decline into the $38,000 region has prompted yet another negative assessment from longtime Bitcoin skeptic Jim Cramer.
Within the last 24 hours, Bitcoin has experienced a rapid decline, shedding approximately $2,000 in value. The cryptocurrency plunged from a peak of $40,910 to as low as $38,920 at the time of reporting.
Looking at the seven-day timeframe, Bitcoin has witnessed a significant loss of over $4,000 in value despite the existence of exchange-traded funds (ETFs) that directly invest in the digital asset.
This trend has caught the attention of renowned Bitcoin critic Jim Cramer.
“Number Go Down”
Taking to X, Cramer brought to notice Bitcoin’s more than 20% decline from the highs it recorded this month following the clearance for Bitcoin spot ETFs.
He expressed anticipation of a brief display of resilience in the Bitcoin market. Yet, Cramer indicated his belief that this upward trend would be short-lived.
He attributed this potential unsustainability to a supposed deficiency in significant capital inflow into the market.
As a result, Cramer issued a bearish signal, introducing a new theme for the Bitcoin market, succinctly summarized as “Number Go Down.”
Now that Bitcoin's down about 20% from its high i expect a strong stand to be made but it won't hold because not enough money is coming in. New theme: Number Go Down
— Jim Cramer (@jimcramer) January 23, 2024
This recent update from Jim Cramer emerged just two hours ago amid a series of negative evaluations from him.
Yesterday, he described Bitcoin as a tough-to-own asset amid the decline. Before that, he claimed that Bitcoin would unlikely find a stable footing.
Market Participants See Bullish Signal
Meanwhile, notable figures within the crypto community frequently interpret Jim Cramer’s comments as a bullish signal. They consider them indicators for opportune entry points into the market.
For instance, renowned pro-crypto attorney John Deaton proclaimed acquiring more Bitcoin following a similar bearish update from Cramer.
He characterized the critic’s comment as “Best news since the ETF approval.”
I bought #Bitcoin just now. Best news since the ETF approval. https://t.co/I9O331BS72
— John E Deaton (@JohnEDeaton1) January 12, 2024
Given Cramer’s latest remark, prominent community figures expressed confidence that the market is set for a bullish ride.
With Bitcoin wallowing in the red at around $39,091, it remains to be seen which direction the asset will take.