According to CNBC host Jim Cramer, bitcoin (BTC) has exhausted all its resources during the run in February and March.
Now the largest cryptocurrency is stuck in the consolidation phase for a long time, and it is unlikely that it will be able to soar above $70,000 in the coming weeks.
Recall that last Tuesday bitcoin broke above $69,000 for the first time in its history, but collapsed below $62,000 a few hours later.
The digital currency then recovered its position, but volatility remains weak. Accordingly, the range of its price fluctuations has noticeably narrowed.
Jim Cramer said on CNBC that the bullish trend is unlikely to return to the market in the coming weeks.
In his opinion, investors should focus on other assets. First of all, this applies to the shares of the technology sector, believes the TV host.
However, Jim Cramer’s forecasts often do not come true.
For example, in January, he announced that the $47,000 mark would be the peak for bitcoin, and it would not be able to go higher. But just a few days later, the cryptocurrency jumped to $48,500.
In October last year, the TV host predicted the collapse of BTC amid the difficult situation in the global economy.