Bearish Sign for Bitcoin? CNBC’s Jim Cramer Now Says ‘Buy The Dip’
Jim Cramer – the host of the financial TV program “Mad Money” – opined the market has shifted into a bull mode and offers buying opportunities for investors.
His comments, though, have often been quite inaccurate and inconsistent. The American advised crypto investors to sell their “awful” positions in December last year and thus limit some losses. However, the market significantly recovered in the following months, with bitcoin up 35% since he made that statement.
Is it Time for a Market Correction?
According to Cramer, markets have started a new bull run, and people should take advantage:
“If we’re in a bull market, and I think we are, you have to prepare yourself. We have to prepare for the down days now because, in a bull market, they’re buying opportunities.”
Stocks indeed rose, with Nasdaq being 1.67% up for the past 24 hours and S&P 500 climbing nearly 1.5%. However, the cryptocurrency market hasn’t seen much change over the last two weeks. Bitcoin has been hovering around $23,000, while the global market cap ranged between $1 trillion and $1.1 trillion (according to CoinGecko’s data) during that period.
Still, the primary cryptocurrency has shown an impressive comeback compared to the decline in 2022. It traded at around $16,500 on the first day of the new year, meaning its valuation has increased by nearly 40%.
Keeping in mind Cramer’s previous comments, the crypto industry might endure another downturn. He has displayed numerous forecasts over the past few years, and often they go in the opposite direction.
The American told investors they should sell their BTC holdings in September 2021. Fortunately for those who did not follow the advice, the asset tapped an ATH of nearly $70,000 two months later.
He recommended in January last year that the market correction could be over, meaning individuals should enter the ecosystem. In contrast, 2022 was devastating for the cryptocurrency sector and the leading digital asset.
The Schiff/Cramer Effect
Some crypto proponents recently outlined that bitcoin has soared by double digits since Cramer and Peter Schiff advised investors to cash out their crypto ownings.
The latter is known as an outspoken supporter of gold and, logically, recommended people shift toward the precious metal. However, its valuation has increased by a mere 0.5% since mid-January, while BTC has spiked over 30%.
Cramer said investors should sell their cryptocurrency positions in early December. Bitcoin stood at approximately $17,500 at that time, while as of the moment, it circulates the $23K level.
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Filed under: Bitcoin - @ February 1, 2023 11:12 am