As the overall outlook in the cryptocurrency industry leans towards optimism and Bitcoin (BTC) has successfully reclaimed the crucial price threshold of $47,000, investors are considering whether to allocate their portfolios to cryptocurrency-related companies.
Providing insights into the latest developments, Jim Cramer, known for his dynamic personality and outspoken opinions on stocks and cryptocurrencies, commented on the issue.
In response to a query about his view on Riot Platforms (NASDAQ: RIOT) during his most recent episode of CNBC Lighting Round, Cramer offered the following thoughts:
“Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin has peaked, by the way, so I’ll say, that’s enough, ka-ching is ka-ching.”
X users are optimistic about the price of Bitcoin
In what appears to be becoming a popular reversal, Cramer’s comments sparked bullish comments regarding Bitcoin on social media
“This whole reverse Jim Cramer thing is hilarious. It actually works,” one commenter responded under the video.
“I literally had to check the date to make sure the pump wasn’t due to him. More pumps incoming,” another added.
These latest comments represent a reversal of the statement issued on January 2, where Cramer responded by saying: “You can’t kill Bitcoin, it’s here to stay.”
In the past two months, Cramer has changed his position on Bitcoin several times, from bullish to bearish, and vice versa.
Bitcoin price analysis
At the time of writing, Bitcoin was trading at $46,870, up 6.48%, while its price added 2.96% over the previous week but was still holding on to a 6.60% gain on the monthly chart.
At the same time, technical indicators are pointing towards the prevailing “buy” sentiment.
A comprehensive analysis of these indicators sets a “buy” rating at 15, with moving averages indicating “strong buy” at 14. Oscillators are leaning towards a “neutral” rating, recording at 8.
Whether it was really “Inverse Cramer” that drove the price of major cryptocurrencies in recent hours or, more likely, the anticipation of the possible approval of an immediate Bitcoin ETF, traders are free to debate. Interestingly, the market appears to be moving differently than Cramer expected.
Disclaimer: The content on this website should not be considered as investment advice. Investing is speculation. When you invest, your capital is at risk.