Jim Cramer observed historical activity and said that the Bitcoin and ETH correction may be coming to an end and he will consider re-entering the market.
Jim Cramer, host of Mad Money on CNBC, believes the crypto market sell-off is likely over. This comes amid an all asset slump, with BTC losing over $10,000 at one point in just a few days.
Has the sale ended yet??
The past five days have been nothing but a volatile rollercoaster ride for the crypto market. Bitcoin slipped from over $43,000 to a 6-month low below $33,000 during this period before returning to current levels near $37,000. Altcoins have experienced even greater price volatility, with double-digit declines.
In total, the cumulative market cap of all digital assets has fallen by more than $500 billion at any given point in time. This correction not only caused extreme pain for traders who had used too much leverage due to liquidations, but also pushed overall market sentiment into a state of extreme anxiety.
However, CNBC’s Jim Cramer did believe The bearish move could be over soon, at least for BTC and ETH.
“As Tom DeMark explained, if the charts show that both Bitcoin and ETH could see their bearish momentum drying up and tending to bottom this week if not today, I think you need to be careful his judgement to be taken seriously.”
Referring to DeMark’s comments, Cramer pointed to a similar correction when BTC fell more than 50% in less than 2 months. He believes that “history can repeat itself” and that Bitcoin will soon bounce.
Historical Price Movement of Bitcoin | Source: CNBC
Time to buy?
Cramer has a controversial history in the crypto space. After calling Bitcoin an “illegal currency,” he bought some coins and used the profits from the BTC bull run to pay off his mortgage.
He also appears bullish on the second largest cryptocurrency and supports it on many occasions. At one point, however, he revealed that his BTC and ETH investments were pure gamble.
While Cramer insisted the recent slide could be over soon, he said he would consider re-entering the market.
“To me that means it may be too late to sell and you need to consider buying. I think I will, especially if there’s a final drop.”
According to Demark’s analysis, this latest drop could take BTC below $30,000 before the rally begins.
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