A signal historically associated with reversal bets could signal good days ahead for Bitcoin (BTC) bulls, as investors in the world’s largest cryptocurrency await a major regulator for the exchange-traded fund (ETF) product in the United States.
Jim Cramer, a former hedge fund manager and host of CNBC’s Mad Money, confirmed in a television segment on Monday that bitcoin had “peaked,” just days later. claimed Bitcoin was “here to stay.”
“Let’s stop fooling around. You want bitcoin, buy bitcoin. (But) I think bitcoin is at its peak,” Cramer said. Bitcoin added as much as 8% on Monday before giving up some gains, hitting $47,100 for the first time in April 2021.
Cramer’s picks tend to move In the opposite direction, a meme that led to the creation of the Inverse Cramer ETF. The tool is designed exclusively for selling assets mentioned by the character on his popular show.
As such, Cramer has been generally bearish on Bitcoin in recent years. In early October, he said, in the middle of the Sam Bankman-Fried trial. “Mr. Bitcoin is about to decline dramatically.” Before that, Kramer He said he sold most of it of his Bitcoin holdings in 2021 after the crackdown in China.