BTC lost more than USD 10,000 at one point in just a few days. The past 5 days have been an unstable roller coaster for the cryptocurrency market. The market cap of all digital assets at one point in time declined by more than USD 500 billion. The liquidation related to over-leveraged traders inflicts great pain.
CNBC’s Jim Cramer believes that this price decline could end soon, at least for Bitcoin and Ethereum.
“When the charts interpreted by Tom DeMark say that both Bitcoin and Ethereum could see a downtrend exhaustion bottom this week, I think we should take it seriously if not today.”
According to DeMark’s analysis, BTC could hit below upto USD30,000 before the asset starts regaining value again. Cramer also emphasised on DeMark’s words and described a similar correction from the previous one, where BTC fell more than 50 percent in less than two months. He believes that “history can repeat itself” and bitcoin can bounce off soon. Cramer already has a somewhat controversial history with the cryptocurrency space. He revealed that his BTC and ETH investments were just pure gambling.
While asserting that the most recent price slides could be over soon, Cramer now said that he will consider re-entering the market. “To me, that says it might be too late to sell, and you need to consider buying. I know I am, especially if we get a final leg down.”
