Famous CNBC host and celebrity speaker Jim Cramer’s views on Bitcoin have changed! He admitted on the show that he sold too early and said, "If you like Bitcoin, buy Bitcoin!" There was optimism in the community, believing that Bitcoin's spot price ETF By driving the majority of Bitcoin, will the future of Bitcoin be smooth sailing?
Jim Cramer’s attitude towards Bitcoin has changed?
Financial celebrity Jim Cramer, who only called on investors to sell cryptocurrencies on the show at the end of last year, seems to have changed his views! He said on the 11/21 show:
If you like Bitcoin, buy Bitcoin, this has always been my view. For a while I liked it but I thought the money had been made and now it seems like it was sold too early!
Just as Bitcoin soared to $38,000 for the first time in a year and a half, Jim Cramer, who has always been jokingly called the market's contrarian indicator, began to be bullish on Bitcoin?
Is Jim Cramer really a contrarian indicator?
The cryptocurrency and financial community is often critical of Jim Cramer's ever-changing views, and many investors humorously say that it might be wise to take a position contrary to his advice. In response, capital management company Tuttle Capital Management also launched a pair of forward and reverse funds in March 2023 in response to Jim Cramer's investment advice, namely:
- Inverse Cramer ETF (SJIM): A fund that does the opposite of Jim Cramer. Its current NAV is $313 million, its six-month return is -8.54%, and its performance since inception is -10.48%.
- Long Cramer ETF (LJIM): Buy stocks recommended by Jim Cramer but no longer traded.
We found from SJIM's holdings that it shorted the most popular G7 technology giants this year, including Nvidia, Microsoft, Apple, Meta, etc. No wonder the return rate has been negative since its establishment. And there is no holding related to Bitcoin.
Bitcoin’s technical lines
Bitcoin has been consolidating for more than a year since its low of 11K in November last year. This year, driven by the optimistic sentiment that the Bitcoin spot ETF will be approved, it broke through the 15K mark in one fell swoop, and the highest was close to 3K. Currently, the moving average is above 38K, showing strong support.
Looking at the Fibonacci Retracement, the first breakthrough point of 33,500 has officially been reached (which was also the previous neckline position), and there does not seem to be much pressure before the next resistance of 42K. So, is Jim Cramer a contrarian indicator? Or is the community too optimistic? Let time prove it!
Note: Fibonacci Retracement is based on the mathematical concept of Fibonacci sequence. The sequence was discovered by Leonardo Fibonacci, an Italian mathematician in the 13th century. The most widely used retracement levels are 38.2%, 50% and 61.8%. These levels represent potential areas of support and resistance.
