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2021-06-12

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Jim Cramer: Be patient with bitcoin, approach the S&P with caution

KEY POINTS CNBC’s Jim Cramer reviewed chart analysis to gauge a bottom in bitcoin and peak in the S

Jim Cramer: Be patient with bitcoin, approach the S&P with caution

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The methodology, which follows patterns to project when a trend could change course, is popular among crypto traders to spot highs and lows, Cramer said.\nCramer reviewed the daily chart action for bitcoin, which peaked at around $65,000 in mid-April. The digital coin is now trading above $37,300 as of Friday after falling to $30,000 in mid-May.\nDeMark, who said the drop in bitcoin resembles the crash of 1987, projected that the decline could bring the token’s value to a floor of $32,000 — or $24,000 in the worst case. He now thinks that bitcoin will generally hold above the May 19th low, Cramer said.\nIn what’s known as “Black Monday,” the Dow Jones Industrial Average plummeted more than 20% on Oct. 19, 1987. It was the bookend of a 36% decline in the blue-chip index from August that year.\n“If DeMark’s right, you could get a chance to buy bitcoin in the not-too-distant future, and I might take it,” Cramer said. “I think this ’87 analogy is good news. After the crash of ’87, the stock market bounced back fast.”\nAs for the S&P 500, which closed at a record for the second-straight day, DeMark’s indicator suggests the index could be close to a top, Cramer said. DeMark has price targets of $4,335 and $4,344, about 2% higher than Friday’s finish.","news_type":1},"isVote":1,"tweetType":1,"viewCount":417,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}