By
Chimamanda U. Martha
April 26th, 2024
The Mad Money host described the recent Bitcoin rally above $45K as a remarkable comeback that was unexpected.
After registering notable gains during the fourth quarter of 2023, Bitcoin (BTC) price opened in 2024 in a bullish outlook fueled by the spot Bitcoin Exchange-Traded Funds (ETFs) frenzy in the United States. With the heightened speculation on the flagship coin by institutional investors and retail traders, CNBC’s Mad Money host Jim Cramer has now issued a bullish outlook for Bitcoin. While speaking with CNBC’s David Faber, Cramer highlighted that investors are feeling more confident with Bitcoin again following the successful takedown of former FTX Chief Executive Officer Sam-Bankman Fried (SBF). Additionally, Cramer admitted that no one can kill Bitcoin as it is here to stay.
“Bitcoin is a technological marvel and I think people need to start recognizing it’s here to stay,” Cramer noted.
Jim Cramer added that the late business magnate Charlie Munger was ‘blind’ on Bitcoin for referring to the mother coin as ‘disgusting and contrary to the interest of civilization’. Furthermore, Munger highlighted that he would never support a currency that is so useful to kidnappers and extortionists.
“Bitcoin has not spared any negative words,” the dual unanimously agreed.
Meanwhile, Cramer noted that not all the crypto coins are here to stay, thus cautioning investors to tread lightly on the altcoin market. Moreover, the United States Securities and Exchange Commission (SEC) has held its ground that most of the crypto coins are unregistered securities. Nonetheless, the agency has lost several cases against crypto companies including the Ripple vs SEC lawsuit, whereby the presiding Judge ruled that exchange sales do not constitute investment contracts, unlike direct sales to investors.
Bitcoin Price Movements and Market Picture
With the fourth Bitcoin halving expected to happen in April this year amid the heightened demand by institutional investors, the Bitcoin bullish outlook that began last year will undeniably continue in the next 24 months. According to the on-chain data analysis provided by Glassnode, Bitcoin’s Market Value to Realized Value (MVRV) pricing band shows that the next crucial target for the mother coin is between $52,680 and $70,250. The Bitcoin bullish stance is bolstered by the rising Open Interest (OI) that is gradually rising towards $11.5 billion.
Meanwhile, Bloomberg ETF analyst Eric Balchunas has cautioned crypto investors of possible temporary delay by the U.S. SEC to approve the spot Bitcoin ETFs. If the spot ETF decision is delayed again by the end of this week, market experts believe Bitcoin price could experience a notable sell-off.
From a technical standpoint, Bitcoin price could find a solid support range between $32k and $34k if the US SEC opts to delay the decision for Ark 21Shares Bitcoin ETF on January 10. However, the agency could be faced with dozens of lawsuits similar to the one filed by Grayscale Investments.
