Jim Cramer has spoken out about recent bitcoin (BTC) trends. While the flagship crypto is particularly buoyant, the TV host believes the asset has reached its peak. A very atypical point of view.
Bitcoin (BTC) at the end of the cycle?
Jim Cramer, the host of the show Mad Money on CNBC, has once again spoken out on bitcoin (BTC). According to him, the queen of cryptos has reached its peak as it approaches the $47,000 mark.
Although Jim Cramer is particularly enthusiastic about the prospects for bitcoin (BTC), he seems perplexed by the asset’s recent surge. But deep down, His point of view is due to several other elements.
First, the unexpected significant rise in bitcoin (BTC). An increase could raise concerns about a possible overvaluation of the flagship crypto under current circumstances.
Second, the anticipation of a Bitcoin Spot ETF approval. He believes this likely boosted market enthusiasm for the asset. This, leading to an increase in demand for bitcoin (BTC), thus contributing to the recent rise in its price.
The facilitator’s recommendation
In this context, Jim Cramer recommends a direct approach to this situation of unexpected rise of the flagship crypto. He advises investors not to procrastinate and buy bitcoin (BTC) directly if they are interested in this crypto.
This suggestion probably reflects his point of view. In this case, the idea that excessive speculation in assets linked to bitcoin (BTC) may not be beneficial. In any case, not as much as directly owning the flagship crypto itself.
The latest news is that bitcoin (BTC) is trading around $46,650. The asset valuation increased by around 6%. This, in a period of just 24 hours. Are we on the verge of an exceptional bull run?
No offense to skeptics, bitcoin (BTC) is expected to reach unprecedented heights. Bitwise, Bitget, VanEck, among others, agree that in 2024, the queen of cryptos will reach a level that it has never even approached since it existed. To be continued…
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