CNBC Mad Money host Jim Cramer has once again dolled out unsolicited advice to Bitcoin investors and this time around, he has subtly asked them to liquidate their holdings.
Bitcoin Begins Recovery Streak
After plunging below $38,000 earlier today, Bitcoin has begun to demonstrate a positive sentiment.
At the time of this writing, the coin was trading at $40,102.37 after gaining 1.41% within the last 24 hours. Drawing on this uptick, Jim Cramer thinks this is the perfect time for investors to “roll out” their holdings, suggesting that they will likely bag more profit ahead of any impending fall.
The American TV personality has been following Bitcoin’s progress lately, spotting a strong start for the coin when it resumed its recovery rally earlier this week. Markedly, this was when the token formed support around the $40,100 price level.
Asking Bitcoin holders to liquidate their portfolios does not come as a surprise from Cramer, especially after the fluctuating stance he has exhibited in the last few days.
Another day…. another chance to roll out of bitcoin while the Number Go Up club tries to keep it at 40,000
— Jim Cramer (@jimcramer) January 25, 2024
Is This a Good Time to Buy Bitcoin?
Recently, Bitcoin dropped by more than 20%, and at that time, Cramer claimed that if the coin recovered, it would not be able to hold up the resurgence due to a lack of inflows. He made this statement in consideration of the Grayscale GBTC dump.
“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 said in a statement.
Earlier, on Monday, Cramer had expressed further criticism regarding BTC’s future when he wrote on X noting that it is “Unlikely that Bitcoin finds its footing.”
Industry experts were positive that this statement from Cramer would positively propel the price of bitcoin and this was seen in an X post made by Rufas Kumau, a senior contributor at Forbes.
“You know what it is.. We are going back up,” Kumau wrote.
The recent price surge may not have been a result of Cramer’s previous post but it indicates that the coin is recovering significantly. Adopting Cramer’s advice is totally up to traders depending on their risk appetite. There is every possibility that the price of the coin may fluctuate sideways, either heading toward a bullish breakout or continuing on its negative slide.
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