Jim Cramer Predicts Bitcoin Price Decline
Contrary to the predictions of many cryptocurrency and finance analysts, Jim Cramer, former hedge fund manager and TV personality, has recently announced a significant decline in the price of Bitcoin (BTC), the flagship decentralized finance (DeFi) asset.
During CNBC’s “Squawk on the Street” show on October 10, Cramer discussed potential investment opportunities and expressed his belief that Bitcoin was about to experience a major downturn. He stated, “I just can’t get on it, I can’t be in something where Mr. Bitcoin is about to go down big.”
Ridicule from the Cryptocurrency Community
Cramer’s comments have once again earned him ridicule from the cryptocurrency community. Legal expert John E. Deaton even revealed that he bought some Bitcoin immediately after watching Cramer make his prediction. This is not the first time Cramer has faced criticism from Deaton; he previously made dismissive remarks about XRP, prompting Deaton to call his statements “fake or ignorant.”
Bitcoin Price Analysis
Currently, Bitcoin is trading at $27,135, experiencing a 1.01% decrease in price for the day and a 1.66% decline over the previous week. However, it still maintains a 5.62% gain on its monthly chart.
The relative strength index (RSI) indicator for Bitcoin recently crossed 30.35 points and quickly bounced back after briefly trading below $27,000. This suggests a potential buy-the-dip opportunity according to crypto trading expert Ali Martinez.
Hot Take: Jim Cramer’s Bearish Prediction Sparks Controversy
Jim Cramer’s recent bearish prediction for Bitcoin has sparked controversy within the cryptocurrency community. Despite his status as a former hedge fund manager and TV personality, Cramer’s opinions on Bitcoin have often been met with ridicule and criticism. Legal expert John E. Deaton, who previously called out Cramer for dismissive remarks about XRP, even bought Bitcoin after hearing his latest prediction. While Cramer’s predictions may attract attention, many in the crypto world remain skeptical of his insights.
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