Jim Cramer’s curse of price momentum has struck again, and this time it is in favour of Bitcoin. CNBC analyst Jim Cramer told his audiences three weeks ago that his plan was to sell his Bitcoin. When Cramer made his announcement, Bitcoin’s value had fallen to below $63,000 with little sign of growth. The asset is now swinging back to the $77,000 area for the first month, with Cramer reversing his previous words.
Cramer has never officially confirmed that he sold his BTC, but his statement was sufficient to maintain his infamous jinx, which is why BTC rallied again. The analyst changed his mind about Bitcoin and told viewers that they should buy it directly, rather than via related stocks. Cramer responded to a query from a reader on Thursday about Bitmine(BMNR), a company that accumulates Ethereum (ETH). Cramer suggested that the viewer buy Bitcoin instead of recommending the stock. He also said indirect exposure via crypto-related stocks might not be a good idea.
Bitcoin is still down 32% in the last year and 11% over the year. This recent rise can be seen as a rebound within a bigger decline. BTC’s price briefly rose to $79,000 in the past week. However, it has now dropped below the $77,000 mark. CoinGecko data BTC’s price has risen by 8.8% within the last day and 24% over the week. Bitcoin (BTC), in fact, has performed better than the US stock exchange by a large margin over just a couple of days. Leading coins and stocks related to crypto are also on the rise as crypto returns back into regulatory focus.
Also Read: SanDisk Stock Reaches $1,600: Bernstein Gives New Price Target
Jim Cramer’s new Bitcoin advice is yet another example of his contradictory public pronouncements on cryptocurrency. His opinions tend to be in line with the current market. BTC has shown a strong upward trend to finish the summer. It could return to its $80,000 level within the next few weeks. The US inflation is also still above the Federal Reserve target of 2%. We may experience a rise in interest rates if inflation continues to be high. Rates that are higher may cause investors to withdraw their capital from assets with high risk, such as Bitcoin. BTC may face a price correction in such circumstances.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
