Bitcoin And Ethereum Sell-Off Coming to an End- CNBC Host Jim Cramer

Popular CNBC host Jim Cramer pointed out that the current ongoing sell-off in two of the world’s most important cryptocurrencies may be coming to an end, citing research from the expert. Tom DeMark test.

According to Coin Metrics, Bitcoin hit its lowest level since July on Monday, dropping to $32,982.11 per token. During the trading day, however, bitcoin reversed course and rallied to around $36,000. The cryptocurrency is still a long way from its all-time high near $69,000 set in the fall.

Ether also fell to its lowest level since July on Monday, reaching $2,176.41 before recouping some of those losses, according to Coin Metrics. It is nearly 50% below its all-time high. It fell to a lower price than usual.

Got more pain to track down?

While there’s a chance bitcoin’s current rapid drop could cause real harm to the cryptocurrency, Cramer said DeMark is betting that won’t happen — as well as a near-56 percent slide. of bitcoin from April to June 2021 did not stop it from setting new highs in the fall.

Indeed, DeMark points out that bitcoin’s current downside angle equals Cramer’s sharp 2021 drop. “In other words, history has a high probability of repeating itself.”

Cramer says that bitcoin is currently in 11th place on DeMark’s famous 13-session countdown model, which expert analysts use to determine whether a rally or a drop has reached a conclusion.

“Two more negative closes are needed before triggering his buy,” Cramer said, adding that DeMark would like to see bitcoin test his downside targets.

“If Monday’s reversal is simply a temporary bounce,” Cramer said, “DeMark wouldn’t be surprised to see bitcoin hit a two- or three-day panic sell top, which could take it all the way down to the end of the day.” 26,355″.

Key indicators to watch out for

While there are plenty of technical metrics and charts to analyze Bitcoin price, the cryptocurrency’s bullish relationship with the S&P500 index is definitely worth keeping an eye on. Macroeconomic factors such as rising interest rates and increased hawkishness by the Fed also play an important role in determining crypto prices.

Bitcoin and Ethereum sell-off is coming to an end- CNBC Host Jim Cramer 7

Source: Tradingview

Investors look for uncorrelated assets in their portfolios, and the growing relationship between cryptocurrencies and equity stocks is not good for the crypto market as a whole. This defeats the purpose of cryptocurrencies as a hedge in uncertain times like now.

Bitcoin Dominance is another important chart worth looking out for, it hit the current range during the 2017-18 bitcoin crash. The chart shows that we are very close to the bottom. Regaining 50% dominance will be key to a $100k Bitcoin price.

Bitcoin Domination
Source: Tradingview; Bitcoin Domination

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