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Bitcoin (BTC) HODLers who were less involved with the slow decline in the value of the leading cryptocurrency will be worried after reading what Jim Cramer has hinted at regarding the state of the coin.
The “Mad Money” host hasn’t had anything positive to say about Bitcoin in a long time, other than criticizing the currency. Now, its recent cryptic “overbought” comes as Bitcoin records seven consecutive months on the positive side of the chart. for the first time since 2012 and closes a monthly candlestick above last cycle’s high.
– Jim Cramer (@jimcramer) April 1, 2024
Bitcoin is trading lately at $68,391. 81 with a drop of 2. 95% in the last 24 hours. This value in the market is a far cry from where the coin was in mid-March, when the leading cryptocurrency by market cap had already risen as high as $73,000. Even analyst speculations that Bitcoin’s price could fall further to $63,000.
With the value around 10% below the all-time high (ATH), Cramer could simply be hinting that it’s now better to be a BTC trader than a buyer. He said that lately the market is “at the maximum overbought” in a long time. .
Many crypto enthusiasts are still trying to decipher whether this is just an April Fool’s joke or one of Cramer’s contrarian indicators.
It should be noted that Bespoke Investment Group recently discussed the emergence of overbought signals in all exchange-traded budgets in the United States.
A transparent example is the S-index.
Despite reaching its highest point of overbought since December 2020, the benchmark index continued to advance. With the launch of Bitcoin spot ETFs, BTC broke its long-standing correlation with tech inventories last year. As a result, there is a very strong trend that the largest cryptocurrency will be more susceptible to mirroring major stock indices.
It also means that a market correction will definitely cause the largest cryptocurrency.
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