BTC Surges Following a Dip in GBTC’s Outflow: Is BTC’s Bullish Future Ahead?

CNBC’s Jim Cramer recently advised the crypto community to invest in Gold instead of believing in crypto. Despite Bitcoin’s notable surges amidst a fluctuating market, Cramer warned against investing in Bitcoin. In response, Altcoin Daily, a prominent analytics platform, addressed Cramer’s words as Cramer’s “Worst Financial Advice” ever.

Jim Cramer Gives Worst Financial Advice of His Life: Bitcoin, Crypto, Altcoins

WATCH: https://t.co/AyY4HBExS2 pic.twitter.com/MG3qgFRssl

— Altcoin Daily (@AltcoinDailyio) January 28, 2024

As per his recent CNBC video, Cramer spoke against Bitcoin’s bullish future, sharing insights on commodity broker Carley Garner’s words. Cramer cited,

The charts, as interpreted by Carley Garner, suggest you need to ignore the crypto cheerleaders now that bitcoin’s bouncing. And if you seriously want a real hedge against inflation or economic chaos, she says you should stick with gold. And I agree.

Over the past weeks, Bitcoin has been riding over an oscillating track against the bullish predictions of analysts. While analysts predicted a new all-time high for Bitcoin post-ETF launch, BTC exhibited a bearish trend following the ETF launch.

According to CoinMarketCap data, Bitcoin, which stood above an astounding $46K on January 11, fell below $45k the next day. Subsequently, Bitcoin began fluctuating between $40K and $44K to reach the monthly low of $38K on January 23. Currently, Bitcoin stands at $42,486, with a daily gain of 2.05%, a weekly gain of 2.15%, and a monthly gain of 0.05%.

The current recovery of Bitcoin instills bullish beliefs in investors. While Cramer remains pessimistic about the trend, Altcoin Daily is optimistic. Drawing insights from various traders and analysts, Altcoin Daily asserted that Bitcoin ascends on a bullish track.

Bitcoin Archive shared an X post shedding light on the 5% surge of Bitcoin following the fall of Grayscale GBTC’s outflow. Previous reports stated that the increasing selling pressure of Grayscale and FTX contributed largely to the declining BTC price.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source