The Jim Cramer price momentum curse appears to have impacted Bitcoin once again. Three weeks ago, the analyst told viewers he planned to sell his Bitcoin holdings when the price was below $63,000. Since then, Bitcoin has swung back toward the $77,000 range, and Cramer reversed his stance, advising viewers to buy Bitcoin directly. Despite a 24-hour rally of 8.8% and a weekly gain of nearly 24%, Bitcoin remains down 11% year-to-date and 32% over the past year. Crypto-related stocks also surged over the past 48 hours.
Three weeks ago, Jim Cramer told his viewers he planned on selling his Bitcoin. At the time, the cryptocurrency’s price had sunk to sub-$63,000 with few signs of momentum.
The asset has now swung back toward the $77,000 range for the first time in months. It briefly reclaimed the $79,000 level this week before dipping to $77,900.
Cramer never confirmed that he did sell his BTC holdings. His claim was enough to keep his notorious jinx alive as BTC rallied again.
The analyst reversed his stance, telling viewers to buy Bitcoin directly rather than through related stocks. On Thursday, Cramer fielded a question from a viewer about Bitmine (BMNR), a corporate accumulator of Ethereum (ETH).
Instead of endorsing the stock, Cramer advised the viewer to buy Bitcoin directly. He suggested that indirect exposure through crypto-related equities might not be the best approach.
Despite the recent surge, Bitcoin is down 11% year-to-date and 32% over the past year. This movement represents a bounce inside a larger decline.
CoinGecko data shows that BTC has rallied 8.8% in the last 24 hours and nearly 24% in the last week. Bitcoin has outperformed the US stock market by a huge margin within just a few days.
As crypto has returned to the regulatory spotlight, leading coins and crypto-related stocks are also rallying. According to a post on X, US crypto stocks surged over the past 48 hours, with Coinbase up 30%, Strategy (MSTR) up 28%, and MARA up 33%.
Jim Cramer’s latest Bitcoin advice marks another twist in his often-contradictory public statements on cryptocurrency. He often tends to sway in the same direction as where the market is moving.
Beyond his opinion and jinx, BTC is showing strong momentum to end the summer. However, inflation in the US is still well over the Federal Reserve’s 2% target.
If inflation does not cool, we may see a hike in interest rates. Higher rates may lead to investors pulling their funds from high-risk assets such as Bitcoin, and BTC could face a correction under such circumstances.
