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CNBC Mad Money host Jim Cramer once again offered advice that Bitcoin investors hoping for a rise may not want to hear, this time asking them to sell their assets.
Bitcoin Begins Recovery Sequence
After a drop earlier in the day, Bitcoin continues to trade in a positive atmosphere and is just below the $40,000 mark.
As of writing, Bitcoin is trading at $49,700, having gained 0.18% in value in the last 24 hours.
Commenting on the matter, Jim Cramer pointed to the recent rise, suggesting that it could be the perfect time for investors to “dispose of” their assets. He indicates that one could potentially be in a more profitable position before any downturn he anticipates in the BTC price.
The famous TV host is among the closest followers of Bitcoin’s progress. Earlier this week, when the first rally indicating a price recovery began, he had pointed out where a strong starting level for the coin might be. The level in question was none other than the support around the price of $40,100 that day.
It should not come as a surprise that a well-known skeptic like Cramer would ask investors to liquidate their portfolios following a drop in Bitcoin’s price.
Should You Buy Bitcoin?
After the decision on a spot Bitcoin ETF, the BTC price experienced a drop of more than 20%, and at that time, Cramer had stated that even if BTC were to recover, it would not be able to sustain the revival due to a lack of entries. He made this statement while the effects associated with the continuous sale of GBTCs by Grayscale persisted.
Jim Cramer had included the following words in his statement:
Now that Bitcoin has dropped about 20% from its highest level, I expect a strong stance, but it won’t hold up because enough money isn’t coming in. The number is falling.
Four days ago, on Monday, Cramer had made other criticisms about the future of BTC in another post shared on X, stating that “it’s not very likely for Bitcoin to get its footing.”
Industry leaders, however, thought that Cramer’s statement would support the Bitcoin price positively, as highlighted in a post by Rufas Kumau on X.
Kamua said the following:
You know what’s happening. We’re rising again.
The reason for the price increase in the morning may not be due to Cramer’s statements, but the BTC price indeed experienced a recovery. Whether to heed Cramer’s advice is a decision investors must make for themselves.
