Galaxy

Bitcoin

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Jim Cramer, a prominent CNBC host, has shared a pessimistic view on the future performance of Bitcoin (BTC).&nbsp;
<blockquote>
 Unlikely that Bitcoin finds its footing— Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1749461424592544117?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a>
</blockquote>
The prominent stock picker believes that it is unlikely that the flagship cryptocurrency will be able to find its footing after coming close to plunging below the $40,000 level.&nbsp;
<h2 id="the-main-bearish-factor">The main bearish factor&nbsp;</h2>
The introduction of Bitcoin ETFs, initially heralded as a gateway for mainstream investors to easily engage with Bitcoin, has coincided with a downturn in BTC's market value.
This downturn starkly contrasts with the previously high expectations for Bitcoin's price trajectory.&nbsp;
A significant factor influencing this outlook is Grayscale, a key player in the digital asset space.&nbsp;
Grayscale's recent actions have raised eyebrows, particularly its deposit of 15,308 BTC ($623.8 million) to Coinbase Prime.&nbsp;
This move follows a trend since the approval of Bitcoin Exchange-Traded Funds (ETFs), with Grayscale depositing a total of 63,991 BTC ($2.68 billion) to Coinbase Prime.&nbsp;
JPMorgan analyst Nikolaos Panigirtzoglou has pointed out the potential for more bearishness due to profit-taking on GBTC.&nbsp;
However, such influential voices as Galaxy Digital CEO Mike <a href="https://u.today/mike-novogratz-bitcoin-btc-to-trade-higher-in-2024" rel="noopener noreferrer nofollow">Novogratz</a> and SkyBridge founder Anthony Scaramucci.&nbsp;
<h2 id="cramer-s-prescient-prediction">Cramer's prescient prediction &nbsp; &nbsp;</h2>
Cramer's recent comments on Bitcoin have proven to be eerily prescient.&nbsp;
The CNBC "Mad Money" host had previously <a href="https://u.today/jim-cramer-issues-major-bitcoin-btc-price-warning" rel="noopener noreferrer nofollow">issued</a> a stern warning about Bitcoin's price prospects on the X social media network.&nbsp;
He argued that the asset's rapid value increase in anticipation of the ETF, which was followed by a lackluster market response, was a red flag.&nbsp;
Cramer had suggested that Bitcoin might be "topping out" in a "Mad Money" episode. &nbsp;
This prediction turned out to be accurate, as Bitcoin's price subsequently fell below the $41,000 mark.

Jim Cramer: Bitcoin (BTC) Price Won't Find Footing

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