CNBC host Jim Cramer has issued a stark warning that the cryptocurrency market may be entering bubble territory, drawing comparisons to the 2000 dot-com bubble. In a post on X, Cramer stated that crypto is 'due for a push' but cautioned that the market is in '2000 territory on specs' and described it as 'where the cockroaches are,' a metaphor for overhyped, risky assets nearing collapse. He urged investors to trim exposure and book profits, echoing recent warnings from JPMorgan CEO Jamie Dimon about speculative bubbles, coinciding with the bank's launch of a $1.5 trillion investment fund.
Despite the caution, Bitcoin (BTC) held firm near $108,000, with a minor 0.6% decline on the day. The cryptocurrency defended the $107,000 support level, aligned with Fibonacci retracement zones around $109,300. Analysts highlighted resistance between $114,000 and $115,000, with potential breakouts targeting $117,600 or $121,500, while a slide below $103,700 could test the $98,000–$100,000 range. Technical indicators pointed to fading momentum, with RSI near 40 and the Parabolic SAR hovering above price levels.
Following Cramer's remarks, Bitcoin's price dipped to around $106,700, a decline of about 1.4%, but recovered slightly to trade at $107,790.83, reflecting a 0.71% drop over 24 hours. Traders debated whether this was a contrarian signal or a legitimate red flag, with some noting a pattern of Cramer's predictions leading to price reversals. The market response included backlash on social media, as investors grappled with macro volatility and earnings reports adding pressure. Overall, Bitcoin's ability to hold support suggests structural strength, but the warning has intensified fears of a speculative pullback.
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