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Is the BTC Price in Danger?

Is the BTC Price in Danger?

TL;DR

  • Bitcoin (BTC) has seen a significant increase of over 120% since the start of the year, with Jim Cramer, host of CNBC’s “Mad Money,” recently suggesting that those interested in Bitcoin should consider buying more.
  • Cramer’s past advice on Bitcoin has been inconsistent; in December 2022, he recommended selling crypto positions, calling them “awful,” but BTC’s value has since doubled.
  • Earlier in 2022, Cramer incorrectly assumed the market correction was over and advised increasing exposure to Bitcoin and other cryptocurrencies, not anticipating the severe market downturns, including the Terra crash and FTX meltdown.

Is BTC Crash Inevitable?

Bitcoin (BTC) has made a remarkable comeback this year, with its price spiking over 120% since January 1. Despite its impressive performance lately and the anticipation of further gains in the near future, there is one advice that some cryptocurrency participants might find concerning.

It came from the well-known personality Jim Cramer – host of CNBC’s TV show “Mad Money.” He recently urged those like Bitcoin to increase their exposure to the primary digital asset:

“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, but I made a lot of money.”

Cramer has made countless comments and predictions involving the largest digital asset by market capitalization, and many times, those forecasts were far from spot on. This might be one reason why investors should be concerned of an inverse reaction and a potential BTC correction in the near future.

When Was He Wrong?

In December last year, he advised individuals to sell their “awful” crypto positions, arguing it’s never too late to exit the ecosystem. Recall that BTC has exploded over 100% since that counsel. 

On another occasion, at the start of 2022 Cramer assumed the market correction was over, suggesting people should increase their exposure to Bitcoin, Ether, and other digital currencies. However, 2022 was far from profitable for crypto investors, witnessing severe collapses such as the Terra crash and the FTX meltdown

 

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