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Jim Cramer's Bitcoin Prediction: Prepare for a Sharp Drop – Best Counter Indicator?Jim Cramer's Bitcoin Prediction: Prepare for a Sharp Drop – Best Counter Indicator?
Image Source: CNBC / YouTube
Jim Cramer, the well-known host of CNBC’s Mad Moneyshow, has raised eyebrows with his recent Bitcoin (BTC)forecast.
Known for his sometimes erratic and often wrong financial predictions, Cramer shared his skeptical outlook on number one cryptocurrency during a recent guest appearance on the TV network’s popular show Squawk on the Street.
After dismissing gold as an investment option, Cramer turned his attention to Bitcoin, and his comments conveyed a sense of pessimism:
"I can't be in something where Mr. Bitcoin is about to go down big," the TV host said.
The reference to "Mr. Bitcoin" wasn't entirely clear, leaving room for interpretation.
For instance, it wasn't evident whether the comment was linked to the ongoing trial against disgraced former FTX CEO Sam Bankman-Fried, or something or someone else.
Nevertheless, Cramer's sentiments lean toward a bearish outlook for Bitcoin's future.
Lenin & Trotsky
Cramer, who is widely known in the financial community as a sort of contrarian indicator, continued by discussing billionaires and delving into curious historical events involving Vladimir Lenin and Leon Trotsky.
He highlighted the perceived perilous nature of the current era and emphasized his role as a financial advisor, providing investment advice even when choices seem limited.
Cramer's stance on crypto, particularly Bitcoin, has historically been bearish, often citing regulatory concerns in the United States.
The spot price of Bitcoin has remained above the $27,000 mark despite mostly bearish trading this week.
Since the beginning of the year, Bitcoin is up by close to 65%.
“Mr Bitcoin Is About to Go Down Big” Claims CNBC’s Jim Cramer – Does That Mean the Bottom Is In?“Mr Bitcoin Is About to Go Down Big” Claims CNBC’s Jim Cramer – Does That Mean the Bottom Is In?
Cramer's Twitter
In a characteristic rant on CNBC’s Squawk on the Street show on Tuesday, famous financial pundit Jim Cramer proclaimed that he can’t be invested in Bitcoin (BTC) “Mr Bitcoin is about to go down big”.
Its unclear where this was a reference to the Bitcoin price itself, or a reference to disgraced ex-FTX CEO Sam Bankman-Friend, who is currently in trailover the alleged financial crimes he committed during the course of his time as head of the ill-fated exchange.
Either way, Cramer is still bearish, a stance he has more-or-less held on Bitcoin since selling most of his holdings in 2021following a crackdown on mining in China.
Bitcoinwas last trading in the mid-$26,000s, down nearly 3% on the day amid concerns about hotter-than-expected US inflation dataand the ongoing Israel/Palestine conflict, as well as following a break below an uptrend that had been in play for nearly one month.
Does Cramer’s Bearishness Mean the Bottom is In?
But some have responded to Cramer’s new bearishness as a sign that the near-term bottom for Bitcoinmay be in.
That’s because Cramer has become something of a meme over a series of high-profile bad market calls, with some starting to take his market views as a counter-indicator.
In 2012, Cramer urged watchers of his show to exit Netflix and Hewlett-Packard, with both stocks pumping over 100% in the following months.
In 2015, he gave both Kohl’s Corp and Qorvo buy ratings, with both then proceeding to post near-term losses of 2015.
While investing degens will continue to find fun in ripping Cramer over his high-profile misses, the truth is that Cramer has put out thousands of stock calls over the year and its not clear that his track record is actually any worse than any other financial pundit.
An inverse Cramer ETFthat seeks to return the opposite results of investments recommended by Cramer is down over 6% in the last six months.
Any serious crypto investor probably shouldn’t be factoring Jim Cramer’s stance into their investment decisions, either by taking his advice or by using him as a counter indicator.Jim Cramer's Bitcoin Prediction: Prepare for a Sharp Drop – Best Counter Indicator? Image Source: CNBC / YouTube Jim Cramer, the well-known host of CNBC’s Mad Moneyshow, has raised eyebrows with his recent Bitcoin (BTC)forecast. Known for his sometimes erratic and often wrong financial predictions, Cramer shared his skeptical outlook on number one cryptocurrency during a recent guest appearance on the TV network’s popular show Squawk on the Street. After dismissing gold as an investment option, Cramer turned his attention to Bitcoin, and his comments conveyed a sense of pessimism: "I can't be in something where Mr. Bitcoin is about to go down big," the TV host said. The reference to "Mr. Bitcoin" wasn't entirely clear, leaving room for interpretation. For instance, it wasn't evident whether the comment was linked to the ongoing trial against disgraced former FTX CEO Sam Bankman-Fried, or something or someone else. Nevertheless, Cramer's sentiments lean toward a bearish outlook for Bitcoin's future. Lenin & Trotsky Cramer, who is widely known in the financial community as a sort of contrarian indicator, continued by discussing billionaires and delving into curious historical events involving Vladimir Lenin and Leon Trotsky. He highlighted the perceived perilous nature of the current era and emphasized his role as a financial advisor, providing investment advice even when choices seem limited. Cramer's stance on crypto, particularly Bitcoin, has historically been bearish, often citing regulatory concerns in the United States. The spot price of Bitcoin has remained above the $27,000 mark despite mostly bearish trading this week. Since the beginning of the year, Bitcoin is up by close to 65%.