Skip to content

Jim Cramer warns ‘Mr. Bitcoin is about to go down big’

Jim Cramer warns ‘Mr. Bitcoin is about to go down big’

Despite many cryptocurrency and finance analysts predicting otherwise, former hedge fund manager and TV personality Jim Cramer has recently announced a massive decline in the price of the flagship decentralized finance (DeFi) asset – Bitcoin (BTC).

Indeed, the eccentric host and a known critic of the cryptocurrency market said that Bitcoin was about to make a strong downturn, as he discussed potential investment opportunities during CNBC’s ‘Squawk on the Street’ show streamed on October 10.

Shortly after bashing gold because “gold’s not good,” Cramer said:

“I just can’t get on it, I can’t be in something where Mr. Bitcoin is about to go down big.”

As a result, Cramer’s comments have once again earned him ridicule from the cryptocurrency community in general but also from legal expert John E. Deaton specifically, who said he had bought some Bitcoin immediately after watching him make his prediction.

As a reminder, Deaton slammed the host earlier in September after a video surfaced of Cramer making dismissive remarks about XRP, asserting that “we know zero” about it because the government does not regulate it, to which the lawyer called his statements “fake or ignorant.”

Bitcoin price analysis

At press time, the maiden crypto asset was changing hands at the price of $27,135, down 1.01% on the day as well as declining 1.66% across the previous week but still holding onto the 5.62% gain on its monthly chart, as the most recent data indicates.

Bitcoin 30-day price chart. Source: Finbold

Meanwhile, Bitcoin’s relative strength index (RSI) indicator has recently crossed 30.35 points, immediately bouncing back up after BTC briefly traded below $27,000, signaling a potential buy-the-dip opportunity, according to crypto trading expert Ali Martinez, as Finbold reported on October 11.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts