The popular financial pundit and host of the hit TV show “Mad Money” has mockingly claimed that bitcoin has peaked just below $69k. Latest Jim Cramer Bitcoin forecast was revealed in his tweet, stating that the digital currency isn’t likely to ever go above $69k again.
Bitcoin has come agonizingly close to the $69k twice during the last few days alone, with its price surpassing the $69,000 mark on some exchanges. It first reached $68.5k on March 4 late in the night. It repeated the same exercise the very next day and it got even closer to the All-Time High (ATH) but could only manage $68.9k that time around.
This apparent reluctance to go above the $69k level has invited backlash from certain analyst quarters including Cramer himself.
Who is Jim Cramer?
Cramer is a well-known financial pundit known for his unorthodox views and stance regarding investments. He hosts Mad Money, a financial TV show on CNBC, and is known for his “hot takes” on various financial matters.
Cramer was a well-known critic of bitcoin for several years but has shifted his position somewhat recently. He once declared that Bitcoin had “done nothing for mankind”. However, now he claims that he isn’t necessarily against buying bitcoin but he wants investors to know about its risks before buying.
Cramer is known for changing his mind regarding financial instruments a little bit too quickly. He once claimed that he had sold all of his BTC after the Chinese government placed a blanket ban on it back in 2021. This was several months after he claimed bitcoin was a “good hedge” against inflation.
Cramer’s tweets regarding bitcoin have attracted criticism from the fanbase on Twitter over the years. In some cases Cramer predicted a price drop and stated the bitcoin price will not rise anymore, only for it for rise immediately after his expressions. This has happened so often, that it has led to formation of a strategy by many called the “Inverse Cramer Effect”.
Jim Cramer Bitcoin Price Predictions From January
Recently, he called the premier digital asset a “technological marvel” on his show and praised its resilience and increasing price.
These comments were from earlier this year on January 2. However, as the premier digital asset appreciated to $47k a week later, he called it a major top and started a whole conversation about risks associated with it. But, the digital asset went on to post multi-year highs one after another and went close to posting a new ATH.
Due to his flip-flops regarding investments and financial instruments, Cramer often invites criticism from bitcoin fanbase on Twitter.
Bitcoin Rally Far From Over: Glassnode Co-founders
On the other hand, the co-founders of the well-known Glassnode website have tweeted that the bitcoin rally is far from over. They underlined the retest of the $60k support level as crucial for the future.
Glassnode is one of the most authentic on-chain analytics websites for the digital asset economy. It is frequently used by digital asset analysts to back up their predictions regarding the short-term and long-term outlook of the digital currency.
Verdict
Bitcoin is experiencing an early onset of the bull market as the index has closed in on its ATH weeks before the April 15 halving. Some analysts like Cramer are calling it the new major top for the digital currency.
The top digital asset has a history of ups and downs and it could very well post a price drop in the near future but Cramer’s advise needs to be taken with a pinch of salt for sure.
