The controversial CNBC’s Mad Money host Jim Cramer strikes again. This time, the constantly-wrong financial advisor told his X audience that he knows where Bitcoin’s (BTC) bottom is: “I’ve got good stuff tonight about where Bitcoin can hold…”.
BTC To $80K? Cramer’s Predictions Scare X Crowd
Jim Cramer cited “the chatbot dogfight that transfixes everyone” as an oversaturated market, claiming physical AI will save the day. Hence, Bitcoin’s (BTC) support shall hold at $83,000. Luckily enough, Bitcoin’s (BTC) recent downturn stopped stirring trouble, bouncing off the support at $82,000 before a rebound to $89,000.
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Naturally, Jim Cramer’s prediction on Bitcoin (BTC) has sparked a fiery community reaction. The memes came in soon, while many crypto connoisseurs ask Jim Cramer to “shut up” since his typical marking of Bitcoin’s (BTC) price bottom tends to materialize in further downturns.
Truthfully, Jim Cramer’s prediction is not far off this time, if Bitcoin’s (BTC) current rebound to $89,000 isn’t wiped away like the Fed rate-cut rally from last month. So far, the bounce back rally gets a boost from the $76 billion trading volume on Spot, signaling recovering demand. However, Futures markets still saw more upward BTC price liquidations, $196M out of $377M.
The apex crypto asset briefly touched $89,000 before stabilizing above $88,500 amidst a 3.5% rebound rally on Tuesday. However, crypto market watchers haven’t forgotten Jim Cramer’s ‘Uptober’ prediction, bigging up an incoming BTC price rally hours before the flagship crypto asset slid 2% from $108.2K to $106.7K.
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On CNBC this morning, Cramer said Bitcoin is “finding a floor” around $83K–$86K and hinted the worst of the sell-off may be over, citing incoming Fed liquidity as a tailwind.
Differs from the Classic Cramer: In Dec 2023 he told viewers to sell BTC near $25K–$27K because of Fed hikes. Bitcoin’s market price is now up roughly 240% up since that call.
Cautiously warming up. He now views Bitcoin as a legitimate macro asset when rates are falling, but still calls most altcoins “speculative garbage” and warns retail is getting wrecked on leverage.
His major calls frequently inverse the market. The meme “Inverse Cramer” tracker is up over 400% since 2022 by doing the exact opposite of whatever he recommends.
Most treat his commentary as entertainment and a sentiment gauge. When he sounds scared = potential bottom; when he gets excited = possible top. Use at your own risk.
