Jim Cramer, whom investors see as a “reverse indicator”, said that the decline in Bitcoin price will continue.
Bitcoin price continues its weekly decline, reaching its lowest level since December 2023 38 thousand 822 dollars declined.
Jim Cramer, in his post on his social media account, said that Bitcoin There is not enough money entering the market cannot sustain at this level and will continue to fall told.
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
Spot Bitcoin ETFs that started trading in the US on January 11 billions of dollars of money entry. The total value of funds established by both BlackRock and Fidelity, exceeded the billion dollar threshold.
However, in the meantime, Grayscale Bitcoin Trust (GBTC) billions of dollars worth of money There was an exit. Bloomberg ETF analyst James Seyffart from GBTC yesterday More than $640 million Saying there is an exit, “Outflows aren’t slowing down — they’re increasing.” your comment made.
Since GBTC started trading, the fund has received a total of More than 3.4 billion dollars were released.
Jim Cramer says that under these conditions, Bitcoin is a ““It is unlikely that it will find support.” he thinks. Cramer’s investors as a reverse indicator The comments made by him as a result of his mention moving in the opposite direction A fund was established.