Jim Cramer’s pessimistic forecast on Bitcoin BTC/USD has proved wrong, as the apex crypto has soared over 30% in just 11 days since he said it was a “good time to get out.”
What Happened: The largest cryptocurrency by market value surged above $22,000 and was trading at its highest level since mid-September.
On the day Bitcoin broke the $17,000 price point this month, Cramer on CNBC’s Mad Money said it was an excellent opportunity to exit the market. In his words: “[It is a] good chance again to get out of crypto and scale out of Chinese stocks as neither can be trusted.”
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The global crypto market cap has once again crossed the $1 trillion mark, after closing 2022 below $790 billion.
Last week, Cramer slammed cryptocurrency markets, calling them “truly a sham.”
Cramer in one of his shows on CNBC last month said: “You can’t just beat yourself up and say, ‘hey, it’s too late to sell.” The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”
Price Action: At the time of writing, BTC was up 0.07% in the last 24 hours, trading at $22,756, according to Benzinga Pro.
Photo: Courtesy of Scott Beale on Flickr