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Bitcoin Will Flourish Using The Fact That Jim Cramer Is Almost Always Wrong

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Back in early December, Jim Cramer, the host of CNBC’s Mad Money, had predicted that Bitcoin (BTC) was going to be annihilated for it was similar to ‘Monopoly Money’. He had also called Bitcoin suspicious for no one knew who Satoshi Nakamoto was. This was before the King of Crypto experienced its highest value of $20,000 a few days after his comments. His comments bashing BTC resulted in the digital asset doing wonderful gains in the market.

A few days later after BTC peaked at $20,000, Mr. Cramer once again predicted that Bitcoin would not replace Gold. He was quoted as saying the following:

“The jaw-dropping run in Bitcoin has been very exciting. But gold is not being supplanted by Bitcoin as the go-to alternative to actual currency.”

His comments were also wrong given the fact that during the ongoing crypto-market decline, many crypto-traders have found a safe haven with BTC. This then has led to the dominance of Bitcoin increasing from levels of 36% seen in May, to current levels of 53%.

He Was Wrong Before the Wallstreet crash of 2008

Going back further in time before the financial crisis of 2008, Jim Cramer had been quoted as saying that Bear Stearns was fine on his show – Mad Money. He is quoted as saying the following back in 2008:

“No! No! No! Bear Stearns is fine. Do not take your money out. Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear. That’s just being silly. Don’t be silly.”

Jim Cramer’s Most Recent Comments

Just yesterday, the 14th of August, Jim Cramer predicted that the Bitcoin will continue dropping in value because the tide had turned against BTC. He also stated that its price will level out around $800 – $1,000. Cramer made these statements on CNBC’s ‘Squawk on the Street’ where he said:

“This thing has really become like an outlaw currency…I think the tide has turned against it. I’m not saying its time has passed but there is a notion that the sun seems to be setting…Maybe we get back to a level…of $800 or a thousand”

Using the laws of probability, Cramer has on more occasions been wrong about Bitcoin than right. Therefore, his most recent comments can be used to predict that we are indeed headed for better times in the market. Perhaps even surpassing last year’s high of $20,000 per BTC.

Evidence of a potential market recovery can be seen with the increment of volume in the markets. The current total crypto market capitalization has gone back to levels above $200 Billion and looks set to regain levels of $250 Billion that were seen before the SEC announcement to postpone ruling on the Bitcoin ETF.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now

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After more than a year of declining prices, the crypto market is finally seeing a period of serious recovery — one that has already brought digital currencies to heights not seen in over half a year now.

Only days ago, Bitcoin surged past several major resistance levels and managed to exceed its yearly high of over $8,000. Already, many skeptics are predicting the soon end of the bull run, and the possibility of yet another sharp decline. However, there are signs that suggest otherwise — that this bull run is only getting started, and that it will not end anytime soon.

There are four reasons why this is the case, and they are as follows:

1) Bakkt

There is the long-awaited Bitcoin futures exchange, Bakkt, which recently announced that the July test date for Bitcoin futures is soon to be set. Bakkt’s launch was delayed multiple times already, so the announcement came as quite a surprise. However, it appears that it will happen quite soon, after all.

As soon as its arrival becomes a certainty, Bitcoin will likely skyrocket even further, just like gold did when gold ETF appeared in 2013.

2) Bitcoin completely ignored the hacking of Binance

Binance has been the largest crypto exchange by trading volume for a while now, and as such, many expected that, if anything were to happen to it, Bitcoin…

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Bitcoin

The New Rally Has Arrived: Crypto Market Cap Goes up by $24 Billion Within a Day

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The crypto market’s recovery progresses further, and at a rapid pace, at that. Bitcoin has just surpassed the $8,000 mark, which is the first time its price has been that high since July of last year. In addition, the entire crypto market is making billions within hours.

Bitcoin (BTC) sees another serious surge

In the past 24 hours, the total crypto market cap has gone up by around $24 billion. Meanwhile, BTC price has grown by $1,000 within the same period, as the largest coin traded barely above $7,000 on early Monday. At the time of writing, the coin’s price sits at $8.014.31, with a 14% growth in the last 24 hours. Meanwhile, the BTC market cap has gone up to $141.85 billion, and even the coin’s trading volume surged to over $31 billion.

While many are wondering whether this is a return to the massive heights seen back in 2017 or only a temporary surge which will soon see a correction — no signs of an upcoming decline have been noticed as of yet. In fact, new heights were made and then exceeded multiple times in the past week, with a massive 33% gain during that time. And, with Bitcoin’s dominance at 60%, many are expecting that massive altcoin surges are to be expected as well.

The growth of altcoins can already be seen, as Bitcoin

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The Crypto Market Reaction to Bitcoin (BTC) Recent Surge

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Bitcoin (BTC) is finally back on track, with the world’s largest cryptocurrency recently reaching heights that were not seen in over half a year. The coin’s last big milestone was $7,100, and while it has gone beyond it, at the time of writing, a slight correction has started taking place.

However, while all of the attention is on BTC, it is also interesting to see how the altcoins are reacting to the new development. The market, as a whole, is looking a lot better these days, and it continues to improve constantly.

Bitcoin dominates the market

Bitcoin is currently once again dominating the market, with the belief that it needs to reach 60% in order to bleed out the overvalued altcoin markets. These days, its dominance is between 58% and 62%, depending on where you get your data from. This provides excellent conditions to try and predict what might happen to the rest of the market, as a similar situation already took place in the past.

Back before the new surges of 2019, and even before the bear market of 2018, and even further back, before  BTC reached its peak — Bitcoin saw similar levels of dominance on December 4th, 2017. Back then, the list of the top 10 largest cryptos by market cap had barely any similarities with the list as it is these days.

However,…

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