Famous stockbroker Jim Cramer, who stands out with the expectations of sometimes rising and sometimes falling in the crypto money field, announced his latest expectations. Cramer, the host of CNBC’s Mad Money show, announced his cryptocurrency prediction for the new year. Here are the details…
Jim Cramer shared his 2023 cryptocurrency forecast
CNBC Mad Money host Jim Cramer announced his 2023 crypto market outlook in a tweet today. According to the expert, 2023 will be another year of decline for the nascent asset class. He also expressed his doubts that people are still interested in crypto markets. “While predicting another weak year for crypto, I think how many people are still involved, now there have been millions of people…” Cramer tweeted.
Meanwhile, the TV personality’s comments aren’t surprising given his anti-crypto stance since prices plunged last year. Recently, Mad Money host, known for his ambivalent view on investments, expressed his excitement about emerging markets as prices are rising. As we reported on cryptokoin.com, last April he predicted a significant 40% rally for Ethereum’s price that never happened.
In other words, in the crypto community, Cramer’s predictions are considered with the thought that the opposite of his prediction will come true. That’s why Cramer’s bearish forecast boosted bullish expectations. As is the norm on crypto Twitter, Cramer’s latest anti-crypto statements have generated bullish excitement. Many claimed the bottom was coming. Trading against what Cramer said in the crypto space has generated significant interest.
Cramer is famous for making a “U-turn”
As highlighted by prominent analyst IncomeSharks (@IncomeSharks), Cramer tends to only encourage investments when prices rise and make a U-turn when prices fall. According to IncomeSharks, Cramer’s strategy is similar to buying high and selling low. The Mad Money server’s statements came despite analysts sharing metrics indicating that Bitcoin may be in undervalued territory. Notably, Bitcoin has yet to print two consecutive annual bearish candles in its history.
Still, 2022 has been pretty bad for cryptocurrencies. There was a lot to forget in 2022, but the bad news for crypto keeps coming. Both Bitcoin and Ethereum failed to surpass their previous cycle peaks for the first time until the end of the year. 2022 was the first year that Bitcoin and Ethereum closed lower than previous cycle peaks. Institutional crypto research firm Delphi Digital announced dismal year-end price metrics on Jan. He added that the 200-week moving average is also a critical level that has never been broken in previous cycles.