Bitcoin: Jim Cramer Sceptical About Current Bullish Rally
Bitcoin (BTC) is undergoing a bullish trend, surpassing $26,000 - a level that hasn't been reached since June 2022. This is happening in the wake of recent bank collapses.
Despite this surge, CNBC’s Mad Money host, Jim Cramer, remains unconvinced of Bitcoin’s price performance.
Due to the volatile nature of cryptocurrencies, BTC’s recovery has been met with controversy. Cramer expressed his bearish view on Bitcoin, citing its decentralized nature as a challenge for regulation.
Additionally, he labeled Bitcoin a “strange animal” that may be under the influence of large institutions and whales manipulating the market to their advantage. Cramer advised selling Bitcoin right into the rally.
However, Will Clemente, popular crypto analyst, holds a contrasting view, stating that holding BTC is the best strategy due to its growth potential.
Clemente believes long-term holders own 73% of the total BTC supply and that new investors might have to compete for what remains as long-term holders may not sell. With investors accumulating BTC, its value has increased significantly.
US authorities’ assurance of customers’ deposits after the collapse of Silicon Valley and Signature banks also contributed to the Bitcoin rally. Moreover, the collapse of these banks could result in a drop in rate hikes by the Feds.
READ MORE: Robert Kiyosaki Urges Buying Bitcoin Amid Bank Collapses and Potential Government Bailouts
As BTC continues to surge, investors may wonder about its future. At the time of writing Bitcoin is trading at $24,700, a 13% increase in the last seven days.
It has surpassed its 50-day Simple Moving Average (SMA), indicating a bullish trend. The 200-day SMA acted as a support level for its recent price rally. Trading above the 200-day SMA suggests a positive long-term outlook for BTC.
Today, BTC has formed its fourth consecutive green candle, confirming an uptrend. The Relative Strength Index (RSI) indicator is rising towards the overbought region, indicating the bulls control the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
