The price of Bitcoin (BTC) is far from the release of the market bears as the top digital currency dropped below the psychologically important level of $40,000. At the time of writing, the coin is priced at $39,968.21, despite being up by 0.95% in the past 24 hours. The cryptocurrency has notably been flirting with the $40,000 level, with volatility that has cast doubt on what’s next for the top coin.
With all eyes on Bitcoin, the latest correction might be a result of the Jim Cramer effect. Based on precedent, crypto proponents on X have identified a pattern that sees Bitcoin move in the opposite direction from what Jim Cramer identifies. As the CNBC Mad Money Host noted on X on Jan. 24, he pointed out that Bitcoin was off to a strong start in defiance of his earlier call that the coin’s floor might still be far away.
Bitcoin, so strong early this morning, seems a tad heavy here
— Jim Cramer (@jimcramer) January 24, 2024
When this statement was made, Bitcoin was trading at about the $40,000 price mark, and its correction at the time of writing suggests the Jim Cramer theory might be accurate after all.
Bitcoin’s potential bullish resurgence
Bitcoin has been underperforming in the year-to-date (YTD) period, with price data showing it has slumped by 5.31%, touching a low of $38,521.89 over the past month.
The launched spot Bitcoin Exchange Traded Fund (ETF) product has not produced enough impact, as projected by top market veterans like Samson Mow. While there is enough time to hit the $1 million price projection from Mow, Bitcoin’s outlook since the product started trading has been relatively gloomy.
With the Bitcoin halving event now ahead, the market is choosing to lean on another network fundamental to anticipate a massive bullish resurgence in the price of the digital currency. According to top analysts like Benjamin Cowen, BTC is poised to enter the bull market ahead of the forthcoming halving.
