In a recent tweet, Jim Cramer, the renowned host of CNBC's "Mad Money," signaled a major price top for Bitcoin (BTC), referencing insights from Larry Williams.
This comes amidst a period of significant fluctuation in the cryptocurrency market, with Bitcoin experiencing both dramatic surges and steep declines since the approval of spot Bitcoin (BTC) ETFs.
A contrarian indicator
The cryptocurrency community has historically viewed Cramer's predictions with skepticism, often considering his views as a contrarian indicator. This perception stems from a series of predictions by Cramer that resulted in opposite market movements.
For instance, following Cramer's expression of confidence in Bitcoin's resilience, the cryptocurrency's price unexpectedly dropped below key thresholds.
Similarly, his prediction of a downturn for Bitcoin was followed by a remarkable 150% rally in 2023.
These incidents have led some traders to humorously regard Cramer's latest statement on Bitcoin's major top as a potential bullish signal. His tweet has sparked varied reactions within cryptocurrency circles that are ranging from humorous optimism to cautious optimism.
Cramer's fluctuating stance on Bitcoin
Cramer has been known for his fluctuating stance on Bitcoin. In 2017, he speculated that Bitcoin could reach $1 million, citing its popularity among ransomware criminals. However, by December 2017, as Bitcoin approached its then-all-time high, Cramer predicted a downfall following the launch of Bitcoin futures by Cboe, suggesting that these futures would "annihilate" the cryptocurrency.
In 2020, he himself invested in Bitcoin after taking a piece of advice from Bitcoin enthusiast Anthony Pomliano.
After that, he once again expressed doubt about the cryptocurrency's future, only to later acknowledge its resilience and potential longevity earlier this month. As reported by U.Today, he described Bitcoin as a "technological marvel" that is "here to stay."
However, Cramer also cautioned about a potential "sell-the-news" event following the approval of a spot Bitcoin ETF.
Yuri Molchan
Tomiwabold Olajide
Godfrey Benjamin
