Jim Cramer, host of CNBC’s Mad Money show, says that Bitcoin (BTC), the largest cryptocurrency, is topping out. In a recent episode, Cramer advised against investing in BTC mining companies like Marathon Digital or Riot Platforms. Cramer’s latest comment on BTC suggests that the Mad Money host has changed his stance after saying that you cannot kill BTC, as it is here to stay.
Also Read: Jim Cramer: You Cannot Kill Bitcoin, It Is Here to Stay.
However, Cramer’s predictions often have a reverse effect on the asset. Crypto investors and users call this the “reverse Cramer effect.” Many investors often do the opposite of what Cramer suggests.
Cramer’s latest take on Bitcoin (BTC) could be another sign that the original cryptocurrency may sour in the next few days.
How much has Bitcoin surged since Cramer’s last bearish stance?
Cramer advised investors to sell their BTC in April of 2023 when the asset was trading for around $24,000. Since then, BTC’s price has almost doubled, growing by over 95%.
Moreover, in January 2023, when BTC was hovering around $17,000, Cramer said it was a ‘good chance again to get out of crypto.‘ However, the asset has surged by over 170% since then.
Also Read: Bitcoin ETF Analyst Ups Approval Odds to 95% Amid S-1 Amendments.
Hence, going by previous instances, there is a chance that Bitcoin (BTC) may surge once again after Cramer’s latest comments. Moreover, there is a high chance that the US SEC (Securities and Exchange Commission) will approve one or more spot BTC ETFs (Exchange Traded Funds) very soon. If a spot BTC ETF is approved, the asset’s price may skyrocket. According to Bloomberg, there is a 95% chance that the SEC will greenlight one or more spot BTC ETF applications. If BTC’s price begins to rally, it will be another case of the “reverse Cramer effect.”