As the general outlook in the cryptocurrency industry leans towards optimism and Bitcoin (BTC) successfully recovers the crucial price threshold of $47,000, investors are contemplating whether to allocate their portfolios to crypto-related businesses.
Offering insights on the recent developments, Jim Cramer, renowned for his dynamic personality and outspoken opinions on stocks and cryptocurrencies, has weighed in on the matter.
In response to an inquiry about his perspective on Riot Platforms (NASDAQ: RIOT) during his latest episode of CNBC Lighting Round, Cramer provided the following insights:
BTC 24-hour price chart. Source: Finbold
Simultaneously, the technical indicators point towards a predominant ‘buy’ sentiment.
A comprehensive analysis of these indicators assigns a ‘buy’ rating at 15, with moving averages signaling a ‘strong buy’ at 14. Oscillators are leaning towards a ‘neutral’ rating, registering at 8.
Bitcoin technical analysis. Source: TradingView
Whether it was really ‘inverse Cramer’ that drove flagship crypto’s price in the last hours or, more likely, the anticipation of potential spot-Bitcoin ETF approval, traders are free to debate. Interestingly, the market seems to move differently from Cramer’s predictions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
