Mad Money host Jim Cramer caught the attention of crypto market enthusiasts as he urged viewers to buy Bitcoin. However, the possibility of a collapse was also raised due to Cramer’s fame. Master analyst Crypto Capo, whom we know with his bearish stance in the market, also continues to expect a collapse. The analyst talks about an upcoming “major capitulation event.”
Jim Cramer and the Bitcoin saga!
As you follow from Kriptokoin.com, Mad Money host Jim Cramer has a strange relationship with Bitcoin. In the last episode of his program, Cramer emphasized the purchase of cryptocurrencies, especially Bitcoin. The ongoing saga between Bitcoin and Jim Cramer has been going on for a while. Earlier this year and throughout October, Cramer urged his followers to sell their BTC under current market conditions. In the process, Cramer claimed that the current market conditions are a good opportunity for traders and investors to exit the cryptocurrency market. However, his latest statements go against his previous beliefs.
Moreover, Cramer stated on the latest episode of CNBC Lightning Round that if they really like BTC, they should buy it. Besides, Jim said that this has always been his way of thinking. He also stated that he enjoyed it for a while. He noted that it was this way of thinking that helped him make money. According to him, despite acting prematurely, he had already made the money. Meanwhile, Bitcoin witnessed a marginal increase following Cramer’s latest statements.
‘The Beginning of the End’ is still on the cards for $12,000!
The analyst with the pseudonym Crypto Capo, who has a large following, explained his bearish sentiment on Bitcoin (BTC) following the market correction that coincided with Binance and its former CEO Changpeng Zhao pleading guilty to US federal charges. The analyst said this development was “the beginning of the end”. According to Capo, the end of the crypto bear market will be brought about by an upcoming “massive capitulation event.”
One follower asked if Bitcoin was heading towards $12,000. In response, the analyst said the possibility was “still on the cards.” He also noted that a drop in price to a price last witnessed in October 2020 would signal a bottom. Meanwhile, Bitcoin bounced off a one-week low and surged above $37,000. Turning to altcoins, Capo said that if BTC falls to the $12,000 price target, they will correct more harshly than Bitcoin. According to Capo, some altcoins are already showing signs of reaching the top of the market. In this context, the analyst shared the following comment:
At the moment the sentiment is extremely bullish… This sentiment and price action does not match the current macro situation (forms a divergence). Additionally, most charts appear overextended and with decreasing volume. They are extending this run as long as possible. But how long can artificial running be?
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