Jim Cramer says that Bitcoin (BTC) could rally to $82,000, despite the flagship digital asset’s drop below $80,000, arguing that investors must treat the pullback as a buying opportunity.
The CNBC ‘Mad Money’ host shared the view in an X post on February 1, as Bitcoin traded near $77,000 following a sharp sell-off.
Cramer’s Bitcoin price target matches the asset’s strongest current resistance level at about $82,500. Still, it can be said that the TV personally was already proven wrong since, instead of soaring above $80,000, BTC plunged toward $70,000 before its Monday morning rally that helped it circle back to $77,000.
BTC price one-week chart. Source: FinboldJim Cramer seemingly warns against buying the Bitcoin dip
Elsewhere, Jim Cramer has continued expanding on his theories for where the world’s premier cryptocurrency might go next late on Sunday. He was, for example, quick to point a finger at Michael Saylor, given that Strategy (NASDAQ: MSTR) has a habit of purchasing more BTC on Monday.
Cramer, however, warned against trusting the rally driven by the company, saying that those who perceive the likely upturn as a double bottom pattern are ‘some ill-advised folks.’
Interestingly, along with warning his followers not to ignore the break below $80,000 no matter the Monday moves, the TV host and analyst mentioned that the Bitcoin downturn might be that ‘the shorts are probably trying to break him (Michael Saylor).’
Lastly, Jim Cramer used the opportunity to identify that BTC’s likely short-term bottom is no lower than $73,000 – by press time, Bitcoin has remained above $74,000, even if barely – and said the latest bloodbath demonstrates that the cryptocurrency is too unreliable to become a proper currency.
Cramer did state he owns BTC, despite the criticism.
Featured image via Shutterstock
Source: https://finbold.com/jim-cramer-predicts-bitcoin-could-rally-to-82000/
