Bitcoin (BTC) Up 40% Since Jim Cramer’s ‘Sell’ Recommendation

Key Points:

• Bitcoin can reach $100K by Dec. 31, 2023, according to CEO Adam Back’s prediction based on a historical trend.
• If Bitcoin continues to grow at a rate of 70% per quarter, it could reach $140K by December 2023.
• Back estimates Bitcoin’s price on Dec. 31 to be $100K if growth falls to 53% for Q2-Q4.

In mid-March, when the value of Bitcoin (BTC) was beginning to surge, Jim Cramer, the host of CNBC’s Mad Money, voiced his skepticism about Bitcoin’s rebound. Cramer suggested that he would sell his bitcoin during this rally.

He also expressed his lack of confidence in cryptocurrencies and added that he believes Bitcoin’s price is “being manipulated up.”

Despite Cramer’s assertion, BTC has increased by nearly 40% since then. In fact, BTC soared above the $30K mark earlier this week, which was a level last seen in June 2022. The recent surge is due to several factors, such as increased institutional adoption and renewed interest from retail investors.

At the time of writing, BTC’s value was up 1.62% at $30,764, and the leading cryptocurrency saw 10.22% gains in the last seven days. Although some people may have scoffed at Cramer’s sell recommendation on BTC, others saw it as a buying opportunity, especially given his track record of inaccurate predictions.

It’s worth noting that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. While some investors may be hesitant to invest in cryptocurrencies due to their unpredictable nature, others see them as a potential hedge against inflation and a means of diversifying their portfolios. Ultimately, the decision to invest in BTC or any other cryptocurrency should be based on an individual’s risk tolerance and investment goals.

Bitcoin might reach $100K by 2023

Blockstream CEO Adam Back has made a bold prediction that BTC has the potential to reach $100K by Dec. 31, 2023. Back’s observation of a historical trend has led him to believe that the price of BTC will continue to increase at a considerable rate.

According to Back, the BTC price increased by over 70% in Q1, 2023, from Dec. 31, 2022, to March 31, 2023. This is an impressive increase that has caught the attention of many investors. If this 70% growth per quarter continues, Bitcoin’s price is estimated to be $48K and $82K at June and September’s close, respectively. Thus, in December, if this growth rate continues, Bitcoin might reach $140,000.

Considering the current trend, Back estimates that BTC’s price on Dec. 31, 2023, will be $100K. However, Back acknowledges that the road to the upside might not be a smooth one, and it may be laced with lots of short-term volatility and swings. Therefore, investors should be prepared to ride out the storm and make long-term investments to reap the benefits of Bitcoin’s incredible growth potential.

Furthermore, Back’s prediction of an 80% increase in Q2, 2023, is another indication of the rapid growth in Bitcoin’s value. Investors should keep an eye on this trend and consider investing in Bitcoin to take advantage of its growth potential. In conclusion, Bitcoin’s potential to reach $100K by Dec. 31, 2023, is an exciting prospect for investors, and they should take advantage of this opportunity to invest in this cryptocurrency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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