By Jim Cramer. Source: CNBC
Financial analyst Jim Cramer says Bitcoin (BTC) is topping out amid recent gains recorded at the start of the year following optimism for the approval of a spot ETF by the Securities and Exchange Commission (SEC).
Cramer, the host of CNBC’s Mad Money, speculated on Jan 7 that the asset might have reached the end of its highs when asked about his thoughts on Bitcoin-related companies.
JIM CRAMER ALERT:
“I think Bitcoin’s topping out.”#Bitcoin pic.twitter.com/mt8TwwtPDL
— Swan Media (@Swan) January 9, 2024
Commenting on the growth of Bitcoin miners Riot Platforms (RIOT) and Marathon Digital (MARA), he stated that the market leader is topping out.
“Let’s stop fooling around. If you want Bitcoin, buy Bitcoin. I think Bitcoin’s topping out, by the way, so I’m going to say, enough is enough.”
MARA is up 7.71% in the last 24 hours while RIOT is up 7.96% in the same period as crypto-related companies’ stocks continue to soar amid the recent market upturn on the back of spot ETF expectations.
Cryptonews reported a rise in digital asset mining firms in Q4 2023 as BTC’s price ticked up out of the doldrums of the last bear market. At press time, the price of Bitcoin stands at $46,613 but previously moved past $47,000 for the first time since April 2021 before a slight correction.
Bitcoin is still on the rise, analysts state
Jim Cramer’s Bitcoin picks over the years have earned the popularity of going the other direction. Projecting a topping-out situation for the asset, he means the price has reached its growth peak and is now expected to start its decline.
After the bear market of 2022 which tricked into 2023, the price of the market leader and altcoins recorded a gradual increase. The filing of spot ETF applications by BlackRock and other companies led to a boost in institutional appetite around the market.
As a result, gains of its price action and the optimism of traders spurred decentralized finance (DeFi) numbers, exchange, and institutional product growth in the last 12 months. Contrary to Cramer’s beliefs most analysts including traditional investors believe that a spot Bitcoin ETF in the United States will be a game changer to attract billions to the market.
Recently, cryptocurrency firm Matrixport projected a $50,000 price action at the end of January as bulls await news of an approval. However, the firm recently rolled out a report that declined asset prices. Cramer has long been bearish on Bitcoin, describing the asset as going down big and stating that he sold most of his holdings after the 2021 industry crackdown in China.
This week, Cramer reversed his previous stance on the market as the price hit $45,000 with a massive bullish uptick at the start of the year. “This thing, you can’t kill it. Bitcoin is a technological marvel and I think people need to start recognizing that it is here to stay.”
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