Counter-trading CNBC’s Jim Cramer has gone from a meme to something Bitcoin investors have started taking seriously. Since the opposite of what Cramer says has usually been the case, taking a position in the opposite direction has proven positive for some investors. Once again Cramer has shared his thoughts on where the BTC price is headed, so is it time to buy or sell?
Jim Cramer calls the Bitcoin summit
In a new episode, the host of Mad Money, a show on the CNBC Network, presents called out a possible top for Bitcoin. Now, the price of BTC has been steadily rising this week, eventually pushing the price above $47,000 for the first time in almost two years.
After this brief rise, Cramer went on the show to reveal that he thinks the asset’s price has reached a possible top. However, instead of the usual one-sided argument, Cramer would tell investors to buy BTC if they want to. So while the former hedge fund manager has called for a top performance from Bitcoin, he is not advising investors against buying the cryptocurrency.
“Let’s stop this talk,” says Cramer. “If you want Bitcoin, buy Bitcoin. By the way, I think Bitcoin is reaching its peak. So I’m going to say: enough is enough.” This statement plays on both sides of the coin for now and no longer discourages investors from buying the assets.
BTC shows strength ahead of SEC decision | Source: BTCUSD on Tradingview.com
BTC is going the opposite way of Cramer
If Jim Cramer goes down the path of counter-trading, investors could actually be buying Bitcoin right now. If the same inverse correlation holds, Bitcoin price could skyrocket again from here.
This school of thought didn’t come out of nowhere as recently as last week, the act of countertrade Cramer appears to remain a profitable venture. Last week, Cramer went to his Mad Money show Bitcoin price after previously being bearish. Cramer explained that Bitcoin cannot be killed and said that BTC was “here to stay” and that people like Charlie Munger were blind to it.
In true Cramer fashion, however, Bitcoin’s price would fall not long after, crashing from above $45,000 to below $42,000 on January 3. This isn’t limited to crypto either, as there was an ETF dedicated to investing in the opposite direction of Cramer’s stock. chooses, although that ETF closed in 2023.
Nevertheless, with news of Cramer’s new stance making headlines, it will be interesting to see where BTC price goes from here. If it follows previous trends, BTC price could be headed for a price crash again.
Featured image of Siam Blockchain, chart from Tradingview.com
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