Jim Cramer says Saylor could jam Bitcoin from sub-$80k toward $82k, warning that any rebound, short-seller games and fresh volatility show BTC is still unreliable as money.
CNBC Mad Money host Jim Cramer stated that Bitcoin (BTC) could rally to higher levels despite the cryptocurrency’s recent decline, according to a post shared as the digital asset traded following a sharp sell-off.
Cramer’s price target of $82,000 matched the asset’s strongest current resistance level, according to Finbold. The cryptocurrency subsequently declined before staging a Monday morning rally that helped it recover some losses.
In additional commentary, Cramer referenced Michael Saylor, noting that Saylor’s company has a pattern of purchasing Bitcoin on Mondays. Cramer cautioned against relying on rallies driven by those purchases, describing those who view potential upticks as a double bottom pattern as “ill-advised folks,” according to the report.
Cramer advised followers not to disregard the break below certain levels regardless of short-term price movements and suggested the downturn might represent an attempt by short sellers to pressure Saylor, the report stated.
The CNBC host indicated that a likely short-term bottom exists at a certain level and stated that recent volatility demonstrates the cryptocurrency remains too unreliable to function as a proper currency, according to the post. Cramer disclosed he owns Bitcoin despite his criticism of the asset’s volatility.
