Is he right this time?
January 19, 2024 marks another turning point in Jim Cramer’s fluctuating stance on Bitcoin. In a recent tweet, Cramer warned of a “nasty start to the Bitcoin sell-off,” questioning the sustainability of the recent uptrend.
This comes after the Bitcoin ETF recently surpassed the silver ETF to take second place in the commodity ETF category.
Jim Cramer on Bitcoin ETF: No One Shows
According to Cramer, Bitcoin ETFs failed for the following reasons:
“Almost no one shows up expecting ETFs to double in asset value to hundreds of billions of dollars.”
However, Ripple CEO Brad Garlinghouse disagrees with Cramer’s views and expressed optimism that the Bitcoin ETF will outperform the silver ETF. He viewed this as an important milestone, indicating institutional validation and government recognition.
Meanwhile, the optimism of many investors was dampened by falling prices.
Bitcoin (BTC) price chart 1M. Source: BeInCrypto
Cryptocurrency market analysis platform Santiment noted that fear of missing out (FOMO) likely fueled the local Bitcoin surge.
“Many experts believed that this foregone conclusion of approval was already ‘reflected’ in market prices at the time (the ETF approval) was announced.”
Read more: What is a Bitcoin ETF?
Bloomberg analyst James Seyfartt also reminded investors that most successful ETFs start out slow. He pointed to the Defined Outcome ETF as a point of comparison.
“For those who think the Bitcoin ETF launch was a failure, it was a failure. Please give me a break. “This is what healthy ETF growth looks like.”
Buffer ETF asset value. Source: James Seyffart
Bitcoin sentiment turns upside down
Cramer’s recent bearish sentiment contradicts his previous bullish outlook from January 3, 2024, when he praised Bitcoin as a “technological marvel” and a resilient asset. His stance was in line with the market’s bullish sentiment as Bitcoin soared above $45,000.
However, Cramer’s opinions on cryptocurrencies have constantly changed. His advice to exit the cryptocurrency market in 2023 coincided with the best buying opportunity, while his advice to sell at the bottom of the market in December was later deemed a mistake. This flip-flop led to the so-called “reverse Cramer” effect, whose predictions are often met with skepticism in the cryptocurrency community.
Read more: Bitcoin Halving Cycle and Investment Strategy: What You Need to Know
Despite Cramer’s high profile, his impact on Bitcoin market dynamics appears minimal.
Cramer’s ever-changing views reflect the widespread volatility and uncertainty in the cryptocurrency space. While influential, many see his views as part of a larger market story rather than definitive market guidance.
With the recent developments in the Bitcoin ETF and the asset’s continued performance, it remains to be seen whether Cramer’s recent sell call will have a significant impact on Bitcoin’s trajectory.
America’s leading cryptocurrency platform | January 2024
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In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.
This article was initially edited by advanced AI, designed to extract, analyze and organize information from a wide range of sources. We operate without personal beliefs, emotions, or biases and provide data-driven content. Articles have been meticulously reviewed, edited and approved by human editors to ensure relevance, accuracy and compliance with BeInCrypto’s editorial standards.
Jim Cramer Post Calls for Selling Bitcoin: Is He Right This Time? First appeared on BeInCrypto.
