Bitcoin Surpasses $47K, Up 16% Since Jim Cramer Said ‘Unlikely To Find Its Footing’
By Benzinga
After surpassing $45,000, Bitcoin (CRYPTO: BTC) has now soared past the $47,000 mark, marking a 16% increase since Jim Cramer's Jan. 22 tweet that it is "unlikely to find its footing."
Analysts see potential for further gains ahead of the halving.
What Happened: Bitcoin continues to race higher, defying Cramer’s prediction on Jan. 22 when prices were around $40,600. This surge even surprised technical analysts like Michael van de Poppe:
To be fair, I'm positively surprised with the current strength on #Bitcoin.
Already at $46,500.
It seems likely we're looking for the liquidity above the highs and perhaps the one above $51,800 pre-halving.
The markets are strong. Dips of 20% on #Bitcoin are a buy. pic.twitter.com/Dvj8DfZQbl
— Michaël van de Poppe (@CryptoMichNL) February 9, 2024
Data from Santiment, a market intelligence firm, shows rising social volume for Bitcoin in comparison to Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) while the Fear & Greed Index indicates a shift from Neutral to Greed sentiment in the crypto market over the past two weeks. Both of these indicators are an indicator for investors' increased confidence in Bitcoin.
Why It Matters: Bitcoin's surge is fueling the digital assets rally, defying underperforming U.S. regional banks. The historic S&P 500 high – touching 5,000 points on Thursday – points to a broader market rally.
Adding to the bullish sentiment, the " Super Trend indicator," an indicator historically associated with significant gains in the asset, flashed a Buy signal on Bitcoin's monthly chart. Chart analyst Ali Martinez sees the indicator as a sign of more potential upside:
The Super Trend just flashed a buy signal on the #Bitcoin monthly chart, a tool known for its precision in predicting $BTC bull markets.
The four buy signals it has issued since #BTC inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680%, and 828%,… pic.twitter.com/83GtqJNryW
— Ali (@ali_charts) February 8, 2024
Other digital assets have also increased in value with Ethereum (CRYPTO: ETH) up 3.7% and Solana (CRYPTO: SOL) rising by 4.9%. Looking ahead, analysts estimate Bitcoin could preliminarily peak at $50,000, bolstering confidence among pre-halving investors.
Also Read: How Bitcoin ETFs Reshape The Investment Landscape: 'Mega-Bullish Longer Term,' Expert Tells Benzinga
