A signal that has been associated with inverse betting in the past could spell good days for Bitcoin (BTC) bulls as investors in the world's largest cryptocurrency await key regulation on an exchange-traded fund (ETF) product in the United States
Jim Cramer, a former hedge fund manager and host of CNBC's Mad Money, confirmed that Bitcoin has “peaked” in a television segment on Monday, just days after claiming that Bitcoin is “here to stay.” .
“Let’s stop fooling around. If you want Bitcoin, buy Bitcoin. (But) I think Bitcoin is peaking,” Cramer said. Bitcoin gained as much as 8% on Monday before giving back some gains to hit a high of $47,100 for the first time since April 2021.
Cramer's picks tend to move in the opposite direction, a meme that has even led to the creation of an Inverse Cramer ETF. The instrument is designed exclusively for short selling assets mentioned by the personality on his popular show.
Therefore, Cramer has generally been bearish on Bitcoin in recent years. In early October, in the middle of Sam Bankman-Fried's trial, he said. “Mr. Bitcoin is heading for a big crash.” Previously, Cramer said he had sold most of his Bitcoin holdings in 2021 following the mining crackdown in China.
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