Bitcoin may continue to consolidate at current price levels. According to Jim Cramer, a Squawk presenter and host of CNBC’s Mad Money, the largest cryptocurrency will not set new heights anytime soon. While founder Cramer Berkowitz believes that the BTC may actually increase in the coming time, he does not expect to reach the ATH area in the coming months.
- Bitcoin has dropped over 70% from his ATH, meanwhile Jim Cramer does not expect to reach the old heights anytime soon
- The former hedge fund manager believes BTC may be up, but it will be years before its price hovers around 2021 highs.
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Bitcoin will not reach new heights anytime soon
The largest cryptocurrency has already lost nearly 3/4 of its value from the price records of November 2021. The BTC exchange rate then established its ATH at around 68.7 thousand. USD, according to averaged data from the CoinMarketCap platform. Currently, he trades around 20 thousand. hole. for a coin.
While Jim Cramer does not rule out an upward movement on the Bitcoin chart in the coming months, he doubts that this virtual currency will return to its old price highs in the coming months. In his opinion, it could take years.
The host of Mad Money told about his predictions for the largest cryptocurrency on Wednesday. He relied on the interpretation of Tom DeMark, saying that BTC could bring pleasant growth in the near future, but it will not be a return to the former heights.
Jim Cremer analyzed the Bitcoin daily chart from April 2021. He found that such a strong decline often damages the structure of a given resource.
“If you think long term, DeMark says it may take many years for Bitcoin to get close to its old highs, maybe even decades. We may never see them again” – emphasized founder Cramer Berkowitz.
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A few weeks ago, Jim Cramer argued that the BTC rate may drop to around 12,000. hole. He then warned investors that cryptocurrencies were not Coca-Cola or Apple, and therefore they should only be a modest part of the portfolio. He also scolded the idea of investing in this asset class by taking loans.
Mad Money host is not a complete opponent of virtual currencies. He himself bought Bitcoin in 2020, and a year later boasted that thanks to it he would pay off his mortgage. He also believes that in the future, cryptocurrencies could be used as a universal means of payment.
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