Jim Cramer Warns of Bitcoin Crash; Supporters Predict Rise
Even if the crypto backdrop is darker than it appears, Bitcoin has shown massive resilience in holding its ground at the critical support level of $27.3k. This is the moment the cryptocurrency enthusiasts and traders are eagerly watching for signs of a potential surge in October. Interestingly, this parallels the Israel-Gaza conflict, a tragic event with profound implications for both sides. Despite these external pressures, Bitcoin remains resolute, standing firm in the world of altcoins.
However, the recent market data shows a trend: Bitcoin’s dominance has seen a noteworthy uptick of approximately 1.27% over the past five days, reaching a current level of around 51.26%. In stark contrast, notable altcoins like Ethereum (ETH), Polygon (MATIC), XRP, and Solana (SOL) have witnessed a dip ranging from 3 to 5% in the preceding 24 hours.
As market dynamics change, is there a shift toward gold or fiat currency, and why do traders believe Bitcoin is the only hope? Let’s examine Bitcoin’s downturn dynamics.
Bearish Sentiments Say, Don’t Invest in Gold, Bitcoin Risk is Bigger!
The prominent CNBC host, Jim Cramer, has recently adopted a relatively cautious stance on Bitcoin, hinting at the possibility of a significant downturn for the digital currency. He quickly formulates the sentiment among viewers seeking not just to avoid financial losses but to generate profits actively. In Cramer’s view, traditional options like gold and Bitcoin currently present risks, with the latter potentially poised for a substantial decline.
Bullish Heart Say, Bitcoin is the Only Safe Haven in Uncertainties
Contrary to Cramer’s reservations, billionaire investor Paul Tudor Jones maintains an unshakable confidence in Bitcoin. During a recent appearance on CNBC’s “Squawk Box,” Jones expressed his belief that Bitcoin and gold remain a steadfast hedge against economic uncertainties.
Bitcoin (BTC) is trading at $27,340, exhibiting a modest 0.8% gain over the last 24 hours. The flagship cryptocurrency has undergone fluctuations, oscillating between a 24-hour low of $27,296 and a high of $27,726. On a year-to-date basis, Bitcoin has surged by an impressive 65%.
Also Read: Bitcoin Price Analysis: A Huge BTC Move Is Incoming; Is $30,000 On the Horizon!
In The End Some Boomerang!
Notably, Cramer’s apprehensive outlook is not inching away from the cryptocurrency community. The community is prepping for more action. Peter Smith, the CEO of Blockchain.com, playfully hinted at a potential “Uptober” in response to Cramer’s bearish prediction. Meanwhile, @btc_dan boldly suggested that Cramer’s recent comment could be a harbinger of a new Bitcoin bull market.
Given Cramer’s track record, which has been known to be unpredictable, it has even led to the creation of an “Inverse Cramer ETF.” This ETF allows investors to bet against Cramer’s stock picks, reflecting a sentiment among specific traders that taking a contrarian view to his predictions might be profitable. It’s worth noting that this ETF was eventually shut down in August.
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