Bearish sign for Bitcoin? CNBC’s Jim Cramer Now Says “Buy The Dip”
Jim Cramer – the host of the financial TV show “Mad Money” – believed that the market has gone into a bull mode and offers buying opportunities for investors.
However, his comments have often been quite inaccurate and inconsistent. The American advised crypto investors to sell their “terrible” positions last December and thus limit some losses. However, the market recovered significantly in the following months, with bitcoin up 35% since he made that statement.
Is it time for a market correction?
According to Cramer, the markets have started another bull run, and people should take advantage:
“If we’re in a bull market, and I think we are, you have to prepare. We have to prepare for the down days now, because in a bull market, they’re buying opportunities.”
Stocks actually rose, with the Nasdaq up 1.67% over the past 24 hours and the S&P 500 climbing nearly 1.5%. However, the cryptocurrency market has not seen much change in the past two weeks. Bitcoin has hovered around $23,000, while its global market cap has ranged between $1 trillion and $1.1 trillion (according to CoinGecko’s data) during that period.
Nevertheless, the primary cryptocurrency has shown an impressive comeback compared to the decline of 2022. It was trading at around $16,500 on the first day of the new year, which means that its valuation has increased by almost 40%.
With Cramer’s previous comments in mind, the crypto industry could endure another downturn. He has shown countless forecasts in recent years, and often they go in the opposite direction.
The American told investors should sell their BTC holdings in September 2021. Fortunately for those who did not follow the advice, the asset hit an ATH of nearly $70,000 two months later.
He is recommended last January that the market correction may be over, which means that individuals should enter the ecosystem. In contrast, 2022 was devastating for the cryptocurrency sector and the leading digital resource.
The Schiff/Cramer effect
Some crypto devotees recently outlined that bitcoin has risen by double digits since Cramer and Peter Schiff advised investors to cash out their crypto holdings.
The latter is known as an outspoken supporter of gold and, logically enough, advised people to switch to the precious metal. However, its valuation has increased by only 0.5% since mid-January, while BTC has increased by over 30%.
Cramer so investors should sell their cryptocurrency positions in early December. Bitcoin stood at about $17,500 at the time, while it is currently circulating the $23K level.
