While Bitcoin continues to experience volatile price movements, investors who have been growing increasingly anxious may start to worry after seeing what Jim Cramer might have implied about the current situation of Bitcoin (BTC).
Did Jim Cramer Talk About Bitcoin?
The host of “Mad Money,” Cramer, has not used a positive sentence about Bitcoin for a long time. Now, his recent cryptic phrase about “extreme buying” emerged after Bitcoin achieved a positive monthly candle closure above the previous cycle’s peak for the first time since 2012, for seven consecutive months.
Bitcoin is currently trading at the $69,000 level after experiencing a 3% decrease in the last 24 hours.
The current price level of BTC remains low compared to its peak market value of $73,500. Some cryptocurrency analysts continue to predict that the Bitcoin price could fall to as low as $63,000.
With the price being approximately 10% lower than its all-time high (ATH), Cramer hinted that being a BTC seller might now be better than being a buyer. He commented that the market is currently as “overbought” as it has been for a while.
Many crypto enthusiasts are trying to figure out whether Cramer’s comment is another April Fool’s joke or one of the famous figure’s contrarian indicators.
Bitcoin Growth and Stock Market Indices
The Bespoke Investment Group recently shared observations that overbought signals have appeared in all index-based exchange-traded funds in the US.
A clear example of this was seen in the S&P 500 index, which tracks the performance of large companies listed on US exchanges. This index reached another ATH of 5,250, representing a 22% increase in just the last six months.
Despite reaching the highest overbought level since December 2020, the index continued to rise.
With the start of trading in spot Bitcoin ETFs, BTC has broken away from its long-standing correlation with technology stocks. This could be interpreted as a market correction being unlikely to positively trigger the largest cryptocurrency.
