Bitcoin reclaimed $65,000 within days of CNBC host Jim Cramer announcing he had sold all his BTC over a quantum-computing scare, and the market shrugged the move off. Traders labeled it another "Inverse Cramer" moment, while Bitcoin still sits inside the same $62,000 to $68,000 range that has held for weeks, with $69,000 marked as the level that would open a path toward $83,000 to $86,000.
Bitcoin has reclaimed $65,000, rebounding from a local bottom at $62,200 to gain nearly $2,500 in a matter of days. The rally followed CNBC host Jim Cramer's announcement that he had sold all his BTC over a quantum-computing scare.
Traders and social-media commentators framed the move as another instance of the so-called Inverse Cramer trade. They noted that his high-profile sales have often coincided with a local bottom followed by a recovery.
Cramer's exit followed an interview with IBM CEO Arvind Krishna, who said quantum-computing advances could threaten existing encryption methods within three to four years. Citing CoinDesk sources, media reports said Cramer had liquidated all of his bitcoin holdings rather than wait for quantum processors to reach that point.
Market participants considered the quantum threat greatly exaggerated, with some engineers expecting machines capable of breaking modern cryptography only in 10 to 20 years, not the three years Cramer cited. Bitcoin developers are already working on network upgrades and post-quantum cryptography, and if such a breach ever becomes possible, Bitcoin would not be the first target since banking systems and government databases would also be at risk.
Bitcoin has held inside a $62,000 to $68,000 range for weeks, with $69,000 marked as the key breakout level, according to CryptoSlate. A breakout attempt briefly pushed the price above $65,000 on Aug. 5 but failed to sustain the move.
Fed funds futures put the odds of a September rate hike at 57.4% on Aug. 5, down from 80.5% a week earlier. Lower odds usually ease pressure on Bitcoin, CryptoSlate said, since a smaller chance of a rate hike removes one of the macro headwinds that have capped crypto this year. A decisive move above $69,000, backed by real spot inflows, would open the thinner supply zone toward $83,000 to $86,000, the level where recent buyers reach breakeven and often start selling.
Sources: U.Today, CryptoSlate
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