Jim Cramer’s Bitcoin Warning: About to Go Down Big

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CNBC host Jim Cramer recently made a prediction about Bitcoin, suggesting that a substantial pullback could be on the horizon. Cramer shared these insights during CNBC’s “Squawk on the Street” while discussing potential investment opportunities. He stated, “A lot of the people who watch us are searching for ways not to lose money but to make money. I can’t go out with gold cause gold is not good. I can’t go out with Bitcoin because…Mr. Bitcoin is about to go down big.” Cramer’s remarks were made in response to billionaire investor Paul Tudor Jones, who expressed his unwavering confidence in Bitcoin. Despite growing concerns surrounding potential Federal Reserve rate hikes and escalating geopolitical tensions, Jones maintains that Bitcoin, along with gold, remains a dependable hedge. Jim Cramer’s bearish stance on Bitcoin has garnered significant attention, particularly within the cryptocurrency community. Many have observed a pattern where Cramer’s predictions often turn out to be contrary to actual market outcomes. Notably, the “Not Jim Cramer X” account, which is known for providing investment advice that goes against Jim Cramer’s recommendations, responded with a tweet from their handle, saying, “Congrats to the Bitcoin Bulls.” This tweet serves as a subtle nod to the contrast between Cramer’s predictions and the prevailing market sentiment, particularly in favor of Bitcoin. Jim Cramer’s Prediction That Went Completely Wrong Here are some noteworthy predictions made by Sam Bankman-Fried that took unexpected turns: Sam Bankman-Fried was once likened by Jim Cramer to the renowned banker J.P. Morgan. However, recent events have painted a different picture, with Bankman-Fried facing billion-dollar fraud charges related to the FTX exchange he founded. In another instance, Jim Cramer drew parallels between ex-Theranos CEO Elizabeth Holmes and Steve Jobs, an assertion that proved far from accurate, as Holmes eventually faced legal repercussions for fraud. Jim Cramer also once expressed favorable sentiments about First Republic Bank, deeming it an exceptional financial institution. Regrettably, the bank’s subsequent collapse led to its acquisition by J.P. Morgan. Jim Cramer’s track record has been marred by several predictions that diverged from reality. He recently faced jests from prominent figures like Dogecoin co-founder Markus, who cheekily stated, “Jim Cramer is good at his job,” implying the opposite. Even Tesla CEO Elon Musk joined in on the fun, humorously referring to him as “inverse Cramer” in a nod to the Star Wars franchise. Current Bitcoin’s Outlook Bitcoin has been relatively stagnant, with its price confined to a tight range between $26,500 and $27,500 for the past couple of weeks. During this period, buying and selling activities have been minimal, and the overall momentum has remained subdued. It’s worth noting that Bitcoin currently trading at more than 60% below its all-time high price. This decline has prompted the market to search for a bullish catalyst that could potentially draw in more investors. Additionally, it’s important to keep in mind that Bitcoin is set to undergo a halving event in the first half of 2024. This impending halving could have significant implications for the cryptocurrency’s supply and demand dynamics, potentially influencing its price in the future.

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