Bitcoin (BTC) HODLers who were less bothered about the gradual drop in the price of the leading cryptocurrency may be getting concerned after reading what Jim Cramer might have implied regarding the status of the coin.

Could BTC Be The Subject of Jim Cramer’s Post?

The “Mad Money” host has not had anything positive to say about Bitcoin for a very long time except to bash the coin. Now, his recent “overbought” cryptic statement comes as Bitcoin registers seven consecutive months on the positive side of the chart for the first time since 2012 and closes a monthly candle above the peak of the previous cycle. 

Coming in the most overbought we’ve been in a while, .Better seller than buyer…

— Jim Cramer (@jimcramer) April 1, 2024

Bitcoin is currently trading at $68,391.81 with a 2.95% slump in the last 24 hours. This market price is a far cry from where the coin was in mid-March when the leading cryptocurrency by market capitalization had previously climbed as high as $73,000. There are even speculations from analysts that the price of Bitcoin may further slip down to $63,000.

With the price about 10% lower than the all-time high (ATH), Cramer could be implying that it is better to be a BTC seller now than a buyer. He cited that the market is currently “the most overbought” it has been in a while. 

Many crypto enthusiasts are still trying to decipher if this is just another April Fool’s joke or one of Cramer’s contrarian indicators.

Bitcoin Growth Mirroring Stock Indices

Noteworthy, Bespoke Investment Group recently discussed the appearance of overbought signals across all index-based exchange-traded funds in the United States. 

A clear example is seen with the S&P 500 index, which tracks the performance of major companies listed on U.S. stock exchanges. This index recorded another ATH of the year that caused it to move to 5,250. This means that it has gone up by 22% over the past six months alone. 

Even though it had attained its most overbought level since December 2020, the benchmark index kept surging. With the launch of spot Bitcoin ETFs, BTC broke its longstanding correlation with tech stocks last year. Therefore, there is a very high tendency that the largest cryptocurrency might be more inclined to mirror major stock market indices. 

This also means that a stock market correction is unlikely to positively trigger the largest cryptocurrency.

The post Jim Cramer Just Rattled Bitcoin (BTC) HODLers With Cryptic Post appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am