Despite many cryptocurrency and finance analysts predicting otherwise, former hedge fund manager and TV personality Jim Cramer has recently announced a massive decline in the price of the flagship decentralized finance (DeFi) asset – Bitcoin (BTC).
Indeed, the eccentric host and a known critic of the cryptocurrency market said that Bitcoin was about to make a strong downturn, as he discussed potential investment opportunities during CNBC’s ‘Squawk on the Street’ show streamed on October 10.
Shortly after bashing gold because “gold’s not good,” Cramer said:
“I just can’t get on it, I can’t be in something where Mr. Bitcoin is about to go down big.”
As a result, Cramer’s comments have once again earned him ridicule from the cryptocurrency community in general but also from legal expert John E. Deaton specifically, who said he had bought some Bitcoin immediately after watching him make his prediction.
As a reminder, Deaton slammed the host earlier in September after a video surfaced of Cramer making dismissive remarks about XRP, asserting that “we know zero” about it because the government does not regulate it, to which the lawyer called his statements “fake or ignorant.”
Bitcoin price analysis
At press time, the maiden crypto asset was changing hands at the price of $27,135, down 1.01% on the day as well as declining 1.66% across the previous week but still holding onto the 5.62% gain on its monthly chart, as the most recent data indicates.
Meanwhile, Bitcoin’s relative strength index (RSI) indicator has recently crossed 30.35 points, immediately bouncing back up after BTC briefly traded below $27,000, signaling a potential buy-the-dip opportunity, according to crypto trading expert Ali Martinez, as Finbold reported on October 11.
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