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Just as the biggest cryptocurrency by market capitalization, Bitcoin (BTC), was beginning to surge in mid-March, CNBC Mad Money host Jim Cramer poured cold water on Bitcoin's rebound.
Cramer said, regarding the Bitcoin price rebound, "I would sell my bitcoin right into this rally."
#Bitcoin is up 40% since Jim Cramer told you to sell... 😅 pic.twitter.com/5FC3yKShjD
— Bitcoin Archive (@BTC_Archive) April 14, 2023
The financial analyst expressed his lack of confidence in cryptocurrencies during a Mad Money episode and added that he believes Bitcoin's price is "being manipulated up."
Many people have now scoffed at the financial analyst's assertion as Bitcoin has increased by nearly 40% since then. Bitcoin soared above the $30K mark earlier in the week; this was a level last seen in June 2022.
Tomiwabold OlajideAt the time of writing, Bitcoin was up 1.62% at $30,764. The lead asset saw 10.22% gains in the last seven days.
Several in the crypto space saw Cramer's sell recommendation on Bitcoin as a buy signal in light of his track record of inaccurate predictions.
Bitcoin might reach $100K by 2023 end if this trend sustains
Blockstream CEO Adam Back believes Bitcoin has the potential to reach $100K by Dec. 31, 2023. Back bases his prediction on a historical trend he observed:
in Q1 2023 #bitcoin price increased from 31 dec 2022 - 31 mar 2023 by ~70% (~$16.6k->$28k). interesting to note if that rate continues bitcoin would be: jun $48k, sep $82k, dec $140k. or for $100k by 31st dec, price growth would need to fall from 70% to 53% for Q2,3,4.
— Adam Back (@adam3us) April 13, 2023
According to him, the Bitcoin price increased in Q1, 2023, that is, from Dec. 31, 2022, to March 31, 2023, by over 70%. He notes that if this 70% growth per quarter continues, Bitcoin would be $48K and $82K at June and September's close, respectively.
Thus, in December, if this growth rate continues, Bitcoin might reach $140,000. Back estimates Bitcoin's price on Dec. 31 to be $100K, saying price growth would need to fall from 70% to 53% for Q2, Q3 and Q4.
Adam Back says the road to the upside might not be a smooth one, as it might be laced with lots of short-term volatility and swings. He adds that the growth curve is on track for an 80% increase in Q2, 2023.
Yuri Molchan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin