Jim Cramer, the host of CNBC’s “Mad Money,” has reversed his stance on Bitcoin, advocating for it as it reaches an 18-month high.
This change in opinion comes after a year of Cramer emphatically advising against Bitcoin. Consequently, leaving investors and market watchers to ponder the implications of his newfound bullishness.
Cramer Turns Bullish on BTC
Mad Money’s Jim Cramer, known for his dynamic and often fluctuating views on financial products, stated that he had previously believed “the money had been made” in Bitcoin. However, he now admits this judgment was premature.
“Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature,” Cramer said.
His renewed support for Bitcoin aligns with the cryptocurrency’s recent surge. BTC soared above $38,000 for the first time in a year and a half, marking a 10% increase last month. Similarly, Ethereum has experienced a 17% spike, reaching its own 18-month peak.
The crypto and finance communities, often critical of Cramer’s shifting opinions, have raised eyebrows at this latest turn. Some investors humorously suggest that taking a stance opposite to Cramer’s advice could be a wise financial move.
This sentiment even led to proposals for “Inverse Cramer ETFs” to the SEC, which based investments contrary to Cramer’s guidance. With Cramer’s renewed confidence in Bitcoin, some social media voices in the crypto market speculate that this might signal a potential downturn, potentially erasing recent gains.
Is It Time to Sell Bitcoin?
While some suggest it is time to sell Bitcoin after Cramer’s endorsement, several crypto experts beg to differ. For instance, Tone Vays, a trading veteran, sees no immediate resistance for the price of Bitcoin.
“I don’t see any resistance. [Still,] according to the Fibonacci levels we do have resistance at $48,000 – $49,000 which is interesting because it’s just below that $50,000 round number. I know I have been saying that $41,000 – $42,000 is an area of reversal, but I think we can blow through that,” Vays said.
Likewise, Ali Martinez, BeInCrypto’s Global Head of News, pointed out that Bitcoin built a strong support barrier between $25,000 and $30,000. Like Vays, Martinez emphasized that the only critical resistance levels are now at $38,440 and $47,360.
Jacob Canfield, a renowned crypto trader, also shared a similar view, suggesting that Bitcoin, Ethereum, and altcoins have more room to go up before the market faces a significant correction.
“My playbook: First BTC to $48,700. Then ETH to $3,350. Then altcoins party for 14 days. Then sell everything to USD. Buy the 40% dip on Bitcoin and alts,” Canfield said.
Finally, Thomas Lee, Head of Research at Fundstrat, interprets the current trends as positive signs for December, indicating a “risk on” environment.
“The positive seasonals are working, and that is a risk on environment. I think the move on Bitcoin, which made a new high for the year, is another sign of risk on. I think for now it’s all good signs for December,” Lee added.
Despite Cramer’s latest endorsement, Bitcoin may have more legs to go up before the next important price correction.
