In a recent tweet, Jim Cramer, the renowned host of CNBC’s “Mad Money,” indicated an important maximum price for Bitcoin (BTC), referring to the ideas of Larry Williams.
In a recent tweet, Jim Cramer, the renowned host of CNBC’s “Mad Money,” indicated an important maximum price for Bitcoin (BTC), referring to the ideas of Larry Williams.
This comes amid a period of significant fluctuation in the cryptocurrency market, with Bitcoin seeing both dramatic rises and sharp declines since the approval of Bitcoin (BTC) spot ETFs.
A contrarian indicator
Historically, the cryptocurrency community has viewed Cramer’s predictions with skepticism, often considering his views as a contrarian indicator. This perception arises from a series of predictions by Cramer that resulted in opposite market movements.
For example, following Cramer’s expression of confidence in Bitcoin’s resilience, the cryptocurrency’s price unexpectedly fell below key thresholds.
Similarly, his prediction of a slowdown for Bitcoin was followed by a notable 150% rally in 2023.
These incidents have led some traders to humorously regard Cramer’s latest statement regarding Bitcoin’s major high as a possible bullish signal. His tweet has sparked various reactions within cryptocurrency circles 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, in December 2017, as Bitcoin neared its all-time high, Cramer predicted a crash following Cboe’s launch of Bitcoin futures, suggesting these futures would “kill” the cryptocurrency.
In 2020, he himself invested in Bitcoin after following a tip from Bitcoin enthusiast Anthony Pomliano.
After that, he once again expressed doubts about the future of the cryptocurrency, only to later acknowledge its resilience and potential longevity earlier this month. As reported by Guru-Investinghe described Bitcoin as a “technological marvel” that is “here to stay.”
However, Cramer also warned of a potential “selling the news” event following the approval of a Bitcoin spot ETF.
