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- Cramer asks Bitcoin investors to be patient and expect further fall in values
- Advises caution while investing in SD&P
- Calls inflation the worst kept secret of Wall Street
CNBC’s Jim Cramer studied charts to gauge the bottom in bitcoin and the peak in the S&P 500. According to Cramer, the charts suggest that Bitcoin can see a further tanking in its values and advised investors to be patient. Bitcoin will take another month to bottom, while the highest point for S&P will be reached as soon as next week. Crammer also advised caution while approaching S&P.
Bitcoin could see a further fall this month
Jim Cramer diced the Tom DeMark chart, which suggests that Bitcoin values will fall for another month and reach a bottom before it surges once again. Jim Cramer talked about Tom’s record on ‘Mad Money’ and asked bitcoin investors to be patient and move towards S&P with caution.
For investors seeking entry and exit points, Jim Cramer has a bit of advice –Be alert and keep an eye on both stock and cryptocurrency trades in the coming weeks.
Cramer Forecasts S&P to rise next week
Jim Cramer was hosting ‘Mad Money’ on Friday when he reviewed Tom DeMark invented the DeMark Indicator, which hinted that Bitcoin prices would fall and S&P 500 could peak as soon as next week. The DeMark Indicator, which is based on patterns, forecasts when a trend will change and is very popular with crypto traders to gauge the high and lows of the digital currency market.
Bitcoin values had peaked in mid-April to around $65 000. However, today it is trading at $37,300 on Friday after falling to$30,000 in mid-May. DeMark pointed to the eerie similarity between the crash of 87 and the situation prevailing now. DeMark predicts that this month the values of Bitcoin can take a further beating and can go as low as $30,000 or even $24,00 in the worst-case scenario.
‘Black Monday’ similarity is good since a surge always follow a crash
October 19, 1987, is also known as ‘Black Monday’ when the Dow Jones Industrial Average plummeted more than 20%. It culminated in a fall of 36% in the blue-chip index from August that year. Cramer said that if DeMark is correct about the situation today is akin to 1987. It is good news since, after the crash of 1987, markets had surged at a fast pace. Coming to S&P 500, it closed for a record high for the second day in continuation. According to DeMark indicator hints that the index will end on the top in the range of $4,335 and $4,344, about 2% higher than Friday’s finish.
CNBC’s Jim Cramer was also very severe on the inflation, which grew at a pace hitherto unseen, and Cramer called it the worst kept secrets of Wall Street. The best indicator of inflation is the consumer price index based on the prices of everyday use items like food, fuel, and services. The consumer price index was 5% year over year. Earlier, a Dow Jones survey had forecast a figure of 4.7%.
The government released the figures that were not a surprise since the Labor Department had already reported a 5% rise in the consumer price index. The statistics were bordering around the forecasts, and therefore the market took it in its stride. Despite the inflation remaining at the highest since August 2008, the S&P surged by 0.5% and stood at 4,239.18
Bitcoin’s bumpy ride
Bitcoin values tanked to their lowest on Tuesday and other digital coins like Ethereum, Cardano, and XRP. The invincibility of Bitcoin also took a hit when the US could recover most of the ransom paid by Colonial Pipeline to hacker group DarkSide.
As a result, bitcoin values tanked by 4%, and at the time of print, it settled at $35,200. The number two crypto coin Ethereum also plunged by 6.56% to settle at $2291.
The last 24 hours have seen significant digital coin values tanking by 4 to 14%. Meme-based Dogecoin also fell and was trading at $0.30, down by 5.64 percent. Other major currencies like XRP, Cardano, Stellar, LiteCoin also took a beating, and their values plunged.
The last 24 hours have seen significant digital coin values tanking by 4 to 14%. Meme-based Dogecoin also fell and was trading at $0.30, down by 5.64 percent. Other major currencies like XRP, Cardano, Stellar, Litecoin also took a beating, and their values plunged. XRP fell by 5.64% and was going at $0.81. Cardano also crashed by 9.30 % and stood at $1.38. In the same state was Litecoin, which fell 8.46 percent to settle at $156.04. Stellar also took a beating and was down by 8.86 percent to $0.30.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
