• Jim Cramer, host of CNBC’s “Mad Money,” suggested investors to sell their bitcoins when the cryptocurrency was trading around $24,000.
• Despite his advice, BTC has posted a 14% gain since then and all its technical indicators are currently overwhelmingly bullish.
• Social media users have made fun of Cramer’s advice and noted his track record of bad predictions.
Jim Cramer’s Unfortunate Bitcoin Prediction
Jim Cramer, host of CNBC’s “Mad Money” show and co-founder of Thestreet.com, recently gave an unfortunate prediction about bitcoin (BTC), suggesting investors to sell their coins when the cryptocurrency was trading around $24,000. Unfortunately for him, BTC has registered a 14% gain since then and all its technical indicators are currently overwhelmingly bullish.
CNBC Pessimism Ignored By Market
Despite his advice being widely reported in the mainstream press, crypto markets have largely ignored it with investors seeing it as an opportunity to buy more coins at a lower price point. Social media users have also been making fun of Cramer’s advice and noting his track record of bad predictions. #Bitcoin is up 14% since Jim Cramer told investors to sell their $BTC two weeks ago.— Watcher.Guru (@WatcherGuru) March 26, 2023
Technical Indicators Showing Bullish Trend
True to form all of BTC’s technical indicators are currently overwhelmingly bullish. The coin’s price chart over the past three months shows that BTC has been in an uptrend since mid-January 2023 creating higher highs and lows indicating a strong buy signal. All the moving averages (MAs) except the 5-day MA also indicate a strong buy signal supporting this upward trend. Additionally BTC’s momentum indicator the Relative Strength Index (RSI) is hovering around 64 levels indicating a buy signal further suggesting that now could be a good time for fresh investments in bitcoin as its price still seems poised for further gains in the future.
Backlash From Crypto Community
Cramer responded to a caller on his show who wanted to know whether the “continuing distrust” in traditional banking systems had “strengthened the investment case for bitcoin” by calling it a “strange animal.” He suggested that its price had been historically manipulated by disgraced FTX CEO Sam Bankman-Fried which caused some backlash from members within crypto circles who saw him as something of a joke figure due to his poor predictions regarding cryptocurrencies over recent years.
Conclusion
In conclusion despite Jim Cramer’s pessimistic outlook on bitcoin being widely reported within mainstream press sources markets largely ignored it with investors seizing any opportunity they can find to purchase more coins at reduced prices points highlighting just how much confidence there is still behind virtual currencies despite naysayers like himself attempting to undermine them at every turn.