Jim Cramer’s recent commentary on Bitcoin has sparked widespread attention from the crypto community. The Mad Money host, known for his investment tips that often turn out to be the wrong call, recently claimed that the price of Bitcoin has peaked.
Jim Cramer has shared his outlook following a surprising rollercoaster ride in the price of Bitcoin, which saw the premier cryptocurrency crash to below $60,000 after recording a new all-time high above $69,000.
Jim Cramer claimed that many signs suggest Bitcoin (BTC) has topped. The Mad Money host then shared a photo of a tiny dog wrapped in a cloth and captioned that the dog, purportedly called Pip, bought Bitcoin at $69,200.
In the post, Cramer further said in jest that Michael Saylor, a well-known Bitcoin aficionado and the co-founder of BTC holder MicroStrategy, should “stop me out!!”. This is a phrase that refers to the technique of setting a stop order on an investment where the position is liquidated when it reaches a particular price to prevent more losses.
In that sense, it appears to be used jokingly to imply that Pip, as a holder, is hoping that Saylor provides some kind of market intervention if the BTC price plummets below the purchase price.
Meanwhile, long-time Bitcoin hater and gold bug Peter Schiff was having a field day after Bitcoin tumbled from $69,200 heights due to profit taking. Schiff criticized Bitcoin’s dramatic intraday dip of almost $10,000 (a 14.5% pullback) in a post on X.
According to the Schiff Gold chairman, BTC’s recent price action that caused more than $1 billion in liquidations calls into question the asset’s viability as a safe haven or a stable store of value.
Bitcoin has since rebounded to $66,500 at press time, a 4.09% jump over the past 24 hours. Meanwhile, some market commentators think lofty price targets for BTC are still in view as April’s high-awaited block subsidy halving event, which will slash the rewards to miners by half, draws closer.
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