In a recent episode of CNBC’s “Mad Money,” Jim Cramer, a well-known figure in financial commentary, made a bold statement about Bitcoin (BTC), suggesting that the cryptocurrency is “topping out.”
“Let’s stop fooling around. You want Bitcoin, buy Bitcoin. I think Bitcoin is topping around by the way,” Cramer said.
A contrarian indicator?
Cramer is often viewed as a contrarian indicator within the trading community, a reputation stemming from his previous market predictions.
This was evidenced on Jan. 2 when Cramer praised Bitcoin’s resilience, marking a significant U-turn from his earlier skepticism.
Despite his newfound confidence in Bitcoin, stating it is “here to stay,” the cryptocurrency’s price crashed below $41,000 the following day.
In October, Cramer predicted a significant downturn for Bitcoin, yet contrary to his prediction, the digital currency rallied impressively, climbing 150% in 2023.
This has led traders to humorously consider his recent comments about Bitcoin as a potential bullish signal.
Cramer is bullish on tech stocks
Cramer emphasized the potential of tech stocks in the recent episode. “Holy cow, don’t give up on Apple. Stop selling them Nvidia, please. Get back into Microsoft. And don’t forget Meta Platforms. You ignored these stocks, you’re having a risk,” he said.
His attention particularly turned to recent advancements in artificial intelligence, specifically mentioning Nvidia’s unveiling of generative AI chips for personal computers at the Consumer Electronics Show.
Cramer believes these developments could significantly impact consumer behavior and the tech industry at large. “They’re AI to millions of regular people, not just the hottest in the enterprises. And it could be the first major reason to buy a new PC,” he added.