One of the best-known analysts and presenters on US TV channel CNBC, Jim Cramer, recently expressed his belief that the giant sell-off for both bitcoin (BTC) as ethereum (ETH) is over. For that reason, he is once again considering personally entering the crypto market.
Reached bottom?
For the past few weeks, the price of bitcoin and the rest of the crypto market has been stuck in a serious downward movement. The volatility was enormous and yesterday even the $33,000 was tapped by the bitcoin price.
Of course, the sentiment is still very bad at the moment. This is partly because the sentiment in the stock market can also be called very sad. This is in large part due to the policy of the US central bank to get inflation under control to some extent.
According to Jim Cramer However, it could just be that at least the crypto market will not fall much further in the near future. According to him, the stretch is now gone after a correction of about 50% since the all-time high in november.
“When the charts, as interpreted by Tom DeMark, say that both bitcoin and ethereum could be looking at a downward trend-exhaustion bottom this week, if not today, I think you should take it seriously.”
According to Cramer, there is a chance that history will repeat itself. Of course, there was a comparable 50% correction halfway through the previous year. Subsequently, the increased bitcoin price then back to a new one in no time all-time high.
Buy the dip
Cramer even indicates that he is currently looking at a new crypto investment. According to him, it is also absolutely too late to sell now because he does not expect the crypto markets to fall too far.
“To me that says it may be too late to sell and you should consider buying. I know I will, especially if we get one last downward move.”
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