Jim Cramer says Bitcoin is ‘topping out’
As the general outlook in the cryptocurrency industry leans towards optimism and Bitcoin (BTC) successfully recovers the crucial price threshold of $47,000, investors are contemplating whether to allocate their portfolios to crypto-related businesses.
Offering insights on the recent developments, Jim Cramer, renowned for his dynamic personality and outspoken opinions on stocks and cryptocurrencies, has weighed in on the matter.
In response to an inquiry about his perspective on Riot Platforms (NASDAQ: RIOT) during his latest episode of CNBC Lighting Round, Cramer provided the following insights:
“Let’s stop fooling around. If you want Bitcoin, buy Bitcoin. I think Bitcoin’s topping out, by the way, so I’m going to say, enough is enough, and ka-ching is ka-ching.”
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In what seems to become a popular inverse trend, Cramer’s comments have sparked bullish comments regarding BTC on social media X.
“This whole Jim Cramer inverse thing is hilarious. It actually works,” responded one commenter under the video.
“I literally had to check the date to make sure the pump wasn’t because of him. More pump incoming,” added another.
These recent comments mark a reverse from a statement on January 2, in which Cramer responded that “you can’t kill Bitcoin, and it’s here to stay.”
In the past couple of months, Cramer has switched his stance on Bitcoin multiple times, going from bullish to bearish, and vice versa.
Bitcoin price analysis
At press time, BTC was changing hands at the price of $46,870, up 6.48%, while its price added 2.96% across the previous week but still holding onto the 6.60% gain on its monthly chart.
Simultaneously, the technical indicators point towards a predominant ‘buy’ sentiment.
A comprehensive Analysis of these indicators assigns a ‘buy’ rating at 15, with moving averages signaling a ‘strong buy’ at 14. Oscillators are leaning towards a ‘neutral’ rating, registering at 8.
Whether it was really ‘inverse Cramer’ that drove flagship crypto’s price in the last hours or, more likely, the anticipation of potential spot-Bitcoin ETF approval, traders are free to debate. Interestingly, the market seems to move differently from Cramer’s predictions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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