The famous and controversial financial analyst Jim Cramer, best known for his show “Mad Money” on CNBC, warned that “Bitcoin is touching the ceiling,” advising his fans not to invest in Bitcoin mining stocks despite the strong performance of some, such as Marathon Digital.
Cramer suggested that instead of investing in mining stocks, investors should buy Bitcoin directly. This new statement sharply contrasts with his stance on January 3 when he praised Bitcoin as a “technological marvel,” acknowledging its bullish rally driven by Bitcoin ETFs.
Jim Cramer: Bitcoin is topping out…#BTC Let’s go!
pic.twitter.com/Y7xgqa5clH
— Cheddar Flow (@CheddarFlow) January 9, 2024
Doing the opposite of what Cramer advises?
Cramer’s controversial opinions over the past years have led the crypto community to joke that doing the opposite of what Cramer advises is the way to go, as his predictions about Bitcoin almost always turn out to be the opposite.
The crypto community didn’t take long to respond to Cramer’s warnings, jokingly suggesting that it’s no surprise BTC would start rising. Another user, Alt Me, jokingly implied that they would sell their house and put everything into BTC.
no wonder it was up today
— RealTima (@TheTraderRoom) January 9, 2024
Despite Cramer’s influence, the price of BTC has remained stable above $46,000 while the market gears up for the anticipated approval of a spot Bitcoin ETF in the U.S. after more than 10 years of rejections by the U.S. Securities and Exchange Commission.
Analysts project BTC price at $110,000
While Cramer turns bearish, several cryptocurrency analysts, such as DonALt and Moustache, are confident that Bitcoin could reach $110,000 in the coming months. This optimism is based on BTC being on the verge of a bullish moving average crossover for the first time since 2016, which is extremely bullish and could propel it to break its historic high of $69,000.
This was highlighted by the trader and cryptocurrency analyst Moustache, who explained on Twitter that BTC’s 21-period exponential moving average and 50-period simple moving average are close to crossing, as they did at the beginning of the bullish rally to $20,000 eight years ago.
“$BTC is about to make a golden cross in the 21EMA/50SMA. The last time we saw something like this was almost 8 YEARS ago (2016),” said Moustache.
Moustache pointed out the need to keep an eye on the short-term price, as the “super indicators” are giving a “buy signal.”
#Bitcoin (3W)$BTC is about to make a golden cross in the 21EMA/50SMA.
The last time we saw something like this was almost 8 YEARS ago (2016).
– In addition, the “buy signal” in the super indicator
Watch out for the rare signals.
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
(@el_crypto_prof) Therefore, while Cramer’s opinions often aim to attract media attention, they have rarely been accurate, at least in the crypto industry. However, anything can happen, especially now that the U.S. spot Bitcoin ETF approval is looming.
No recommendations or advice regarding investments are made in this article. Readers should perform their own due diligence before making any investment or trading decisions because of the inherent risk in these activities.