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Jim Cramer calls for buying Bitcoin again, will a Bitcoin spot ETF be a game-changer?

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Jim Cramer calls for buying Bitcoin again, will a Bitcoin spot ETF be a game-changer?

Famous contrarian indicator Jim Cramer mentioned in a recent interview on CNBC that "Bitcoin is a technological miracle, and I think people need to start recognizing that it's here to stay. You can't kill it!" With the market eagerly anticipating the approval of a Bitcoin spot ETF, could this be a situation where all the positives are already priced in?

Jim Cramer Sold Early! Now Bullish on Bitcoin

Previously, Jim Cramer stated that he sold most of his bitcoin in 2021 after China's mining crackdown. However, he actually switched back in November last year! It seems he regrets selling early!

Contrary indicator Jim Cramer is bullish on Bitcoin now! Where is the resistance above BTC?

At that time, he said on the show:

If you like bitcoin, buy bitcoin, that's always been my view. I liked it for a while, but I thought the money was made, now it looks like I sold too early!

And in yesterday's show, he mentioned further:

Bitcoin is a technological marvel, I think people need to start realizing that it's going to stay. You can't kill it!

He also believes that with the wave of approval for Bitcoin spot ETF, it will be an extraordinary comeback!

Bitcoin Technical Chart

In November last year, Bitcoin broke through the long-term neckline position, and all moving averages also showed a golden cross. Although it has more than doubled from the starting point of 15K, it doesn't seem like a bad entry point for long-term holders. With the optimistic sentiment of the imminent approval of the Bitcoin spot ETF, Bitcoin also surged yesterday, reaching as high as $45,879.

Bitcoin surpasses 45K, Bitcoin spot ETF expected to be approved this week

Is the Approval of Bitcoin Spot ETF Exhausting the Bullish Factors?

However, Jim Cramer also mentioned that some people will take this opportunity to sell bitcoin for profit. Previously, the analysis firm CryptoQuant cited several data points, believing that BTC faces a risk of falling back and may lead to the Bitcoin spot ETF becoming a "Sell the news" event in terms of timing. Arthur Hayes, co-founder of BitMex, also stated in a recent interview with Unchained that if the Bitcoin ETF is approved, BTC may not rise immediately, but in the long run, it is still bullish as it will help people looking to earn fiat currencies through a good investment channel.

Unrealized profits, Kimchi premium index soaring, will Bitcoin ETF become a "Sell the news" event?