Financial analyst and media personality Jim Cramer has shared another personal take on the current Bitcoin price drawdown. Taking to his official X page, Cramer shared a post on the chances of BTC surviving the current onslaught and the catalysts that might help reverse its negative growth trends.
Jim Cramer Effect may be in play
According to the post, Jim Cramer appeared to be in support of Bitcoin, against critics bashing the coin in the wake of the latest sell-off.
He said the stand on Bitcoin is typical of what the industry has seen in the past. He believes each “fortress floor is lower,” an attestation to the higher lows the coin marks whenever the price reverses.
The subtle post masked Cramer’s intention as he surmised that the “firepower to keep it up here [is] ever greater.” In reality, the crypto community is skeptical of the Mad Money host’s intentions as he is historically a Bitcoin critic. Members of the crypto community consider the good luck wishes to be ironic, a position many consider bullish
Based on the infamous Cramer Effect, markets generally move in the opposite direction of his predictions. With the community seeing his latest post as bearish, it has drawn calls of a potential rebound for the Bitcoin price.
As the handle @rasterfinance noted, the Invester Cramer indicator just flipped bullish, a sign of a potential BTC price breakout.
Bitcoin rebound hopes mounting
Unlike Jim Cramer, many industry personalities believe the price of Bitcoin and the general market are on track to recover.
While many are cautious in making predictions at this time, new purchase actions have suggested that investors focus. As reported earlier by U.Today, Michael Saylor’s Strategy bought 855 BTC, as announced on Feb. 3.
Despite billions in drawdown and the BTC price trading below cost value, the business intelligence and software firm remains bullish. Other top digital asset treasury firms are also showing solidarity for the top coins.
From Tom Lee’s Bitmine and its Ethereum purchases to TRX bets by TronDAO, the optimism for a future rebound has grown. As of press time, the price of Bitcoin was pegged at $78,266, up marginally by 0.44% in the past 24 hours.
Other altcoins are recording unique consolidations as investors wait out the intense sell-off.
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