The Reason Bitcoin Prices Fell, Because of Jim Cramer?

Bittime - Bitcoin prices recently soared several times to penetrate ATH, but were immediately followed by significant corrections. 

From a peak of $99,655.50, Bitcoin price fell to $95,788.08 in just 24 hours. 

Jim Cramer's name is said to be the cause of the decline in Bitcoin prices. Why? Read this article to find out more!

Jim Cramer: The Reason Bitcoin Prices Fell?

Jim Cramer is a CNBC host Mad Money, known for controversial statements regarding investments. In a recent segment, Cramer called Bitcoin holders “winners.”

“All I can tell you is, own Bitcoin—that’s a winner.” 

However, instead of raising prices, his comments actually triggered an effect known as “Inverse Cramer Effect”, that is phenounique menu when the market tends to move contrary to Cramer's recommendations. 

This made many investors actually use Cramer's statement as a signal to sell. Not surprisingly, after his comments, the price of Bitcoin began to experience a correction so that Jim Cramer was said to be the cause of the Bitcoin price falling.

Read Also: Bitcoin New All-Time High, Breaks $97,000!

Bitcoin Prices Fell, Market Sentiments Change Easily

This Bitcoin price correction shows how sensitive the crypto market is to external factors. Apart from comments from famous figures, Bitcoin prices are also often influenced by regulatory news, technological developments and global economic policies. 

Apart from Jim Cramer who is considered to be the cause of Bitcoin's price decline, a number of other analysts also revealed that an increase in Bitcoin's price approaching $100,000 tends to trigger massive profit taking by investors. 

This action contributed to the price decline, coupled with an increase in short positions by traders who speculated that Bitcoin's price would fall.

Bitcoin Prices Fell: Short Term Correction

Currently, Bitcoin price is trading around the $98,000 level. Many analysts believe that this decline may only be a short-term correction before prices rise again. 

Meanwhile, analyst Michaël van de Poppe predicts that this correction could be the start of the alt season, opening up opportunities for investors looking to diversify their portfolios.

Read Also: 5 List of Bitcoin-Based Meme Coins, Potential Bull Run in December?

Bitcoin FAQ

What are Bitcoins?

Bitcoin is the world's first crypto asset and the largest crypto asset by market capitalization. Bitcoin was first created in 2009 by Satoshi Nakamoto, whose true identity until now no one knows.

How many Rupiah is 1 BTC?

Currently, 1 BTC is worth IDR 1,566,397,438 based on the Bittime market. 

1 BTC How much is USD?

Currently, Currently, 1 BTC is worth $98,337.78 according to Coinmarketcap. 

How to Buy Crypto di Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.

Reference:

Wall Street Pit, Media Crypto Wall Street Pit, accessed November 25, 2024.

to gasoline, Media Crypto Benzinga, accessed November 25, 2024.

finesse, Media Crypto Finbold, accessed November 25, 2024.

Author: IPR