Jim Cramer's 'sell' warning could not stop Bitcoin (BTC) from rising 40% $BTC BTC JimCramer
The financial analyst expressed his lack of confidence in cryptocurrencies during a Mad Money episode and added that he believes Bitcoin's price is"being manipulated up."
Many people have now scoffed at the financial analyst's assertion as Bitcoin has increased by nearly 40% since then. Bitcoin soared above the $30K mark earlier in the week; this was a level last seen in June 2022.At the time of writing, Bitcoin was up 1.62% at $30,764. The lead asset saw 10.22% gains in the last seven days.
Several in the crypto space saw Cramer's sell recommendation on Bitcoin as a buy signal in light of his track record of inaccurate predictions.believes Bitcoin has the potential to reach $100K by Dec. 31, 2023. Back bases his prediction on a historical trend he observed:price increased from 31 dec 2022 - 31 mar 2023 by ~70% . interesting to note if that rate continues bitcoin would be: jun $48k, sep $82k, dec $140k.
Thus, in December, if this growth rate continues, Bitcoin might reach $140,000. Back estimates Bitcoin's price on Dec. 31 to be $100K, saying price growth would need to fall from 70% to 53% for Q2, Q3 and Q4. Adam Back says the road to the upside might not be a smooth one, as it might be laced with lots of short-term volatility and swings. He adds that the growth curve is on track for an 80% increase in Q2, 2023.
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