Bitcoin Surpasses $47K, Up 16% Since Jim Cramer Said 'Unlikely To Find Its Footing'

After surpassing $45,000, Bitcoin BTC/USD has now soared past the $47,000 mark, marking a 16% increase since Jim Cramer's Jan. 22 tweet that it is "unlikely to find its footing."

Analysts see potential for further gains ahead of the halving.

What Happened: Bitcoin continues to race higher, defying Cramer’s prediction on Jan. 22 when prices were around $40,600. This surge even surprised technical analysts like Michael van de Poppe:

To be fair, I'm positively surprised with the current strength on #Bitcoin.

Already at $46,500.

It seems likely we're looking for the liquidity above the highs and perhaps the one above $51,800 pre-halving.

The markets are strong. Dips of 20% on #Bitcoin are a buy. pic.twitter.com/Dvj8DfZQbl

— Michaël van de Poppe (@CryptoMichNL) February 9, 2024

Data from Santiment, a market intelligence firm, shows rising social volume for Bitcoin in comparison to Ethereum ETH/USD, and Dogecoin DOGE/USD while the Fear & Greed Index indicates a shift from Neutral to Greed sentiment in the crypto market over the past two weeks. Both of these indicators are an indicator for investors' increased confidence in Bitcoin.

Read Next: EXCLUSIVE - Jim Cramer Recommended SVB Financial In February, An Example Of 'His Reverse Midas Touch'

Why It Matters: Bitcoin's surge is fueling the digital assets rally, defying underperforming U.S. regional banks. The historic S&P 500 high - touching 5,000 points on Thursday - points to a broader market rally.

Adding to the bullish sentiment, the " Super Trend indicator," an indicator historically associated with significant gains in the asset, flashed a Buy signal on Bitcoin's monthly chart. Chart analyst Ali Martinez sees the indicator as a sign of more potential upside:

The Super Trend just flashed a buy signal on the #Bitcoin monthly chart, a tool known for its precision in predicting $BTC bull markets.

The four buy signals it has issued since #BTC inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680%, and 828%,… pic.twitter.com/83GtqJNryW

— Ali (@ali_charts) February 8, 2024

Other digital assets have also increased in value with Ethereum ETH/USD  up 3.7% and Solana SOL/USD rising by 4.9%. Looking ahead, analysts estimate Bitcoin could preliminarily peak at $50,000, bolstering confidence among pre-halving investors.

Also Read: How Bitcoin ETFs Reshape The Investment Landscape: 'Mega-Bullish Longer Term,' Expert Tells Benzinga