TV host and founder of hedge fund Cramer & Co. Jim Cramer called Bitcoin's decline a “bad start to the sell-off.”
In his post in X on January 19, Cramer doubted the prospects for further growth of the first cryptocurrency. His argument was that the price of an asset cannot double by hundreds of billions in anticipation of an ETF.
Bad start to the Bitcoin sell-off. Someone will probably try to weigh in here, but as we said last night, you can't double the value of an asset by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up
— Jim Cramer (@jimcramer) January 18, 2024
According to Cramer, well-known investor and trader Larry Williams warned him against buying digital assets because “the market is still far from the bottom of cryptocurrencies.”
Users of social networks consider Cramer as a kind of “indicator” whose predictions in the vast majority of cases do not come true. Many in the community note that these assumptions tend to lean in the opposite direction.
Due to many false predictions in the cryptocurrency world, the Inverse Cramer Tracker ETF was even created, which is not affiliated with Jim Cramer but is based on his predictions. The Fund seeks to achieve investment results that are approximately the opposite of what Jim Cramer typically says.
For example, in October 2023, Cramer said that he would not invest in Bitcoin due to downside risk. Two months after these statements, the Bitcoin price exceeded $ 44,000 and the annual growth of the asset was 140%.
Then, in January 2024, Cramer called $47,000 the maximum price for Bitcoin. A few days later, the price of the first cryptocurrency broke $48,500 as spot ETF trading began.
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