Popular market commentator Jim Cramer offered a cheeky take on Bitcoin’s (CRYPTO: BTC) latest crash Sunday, urging Strategy Inc. (NASDAQ:MSTR) founder Michael Saylor to “jam up” the apex cryptocurrency.
In an X post, Cramer proposed that Saylor should wait until about 6:30 pm to observe the S&P futures, and then attempt to push Bitcoin’s price up to $82,500 from $76,500.
“That way some ill-advised folks will shout double bottom and pay no attention to the break below $80.000,” the “Mad Money” host said.
Michael Saylor from MIcrostrategy now Strategy should wait until about 6:30 pm-get a nice look at the S&P futures–and then come in and jam up Bitcoin to $82.500 from $76,500. That way some ill-advised folks will shout double bottom and pay no attention to the break below $80.000
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Cramer made a series of posts on Bitcoin’s latest plunge below $76,000, its worst sell-off since early April.
He took on some Bitcoiners who brush off steep price drops and claim a double bottom—a bullish reversal signal—as soon as prices tick up even slightly.
Where are the usual Bitcoin defenders? I figure they have until Monday to get it back to $82,000 so they can claim double bottom and i say that as a long standing owner of bitcoin!!! Ahoy??
The media personality also suggested that short sellers might be “trying to break” Saylor before the company’s earnings later this week.
Saylor, who spearheads the world’s biggest Bitcoin-hoarding company, often drops cryptic Sunday X posts that have almost always preceded BTC acquisitions the following Monday.
He dropped another one with the caption, “More Orange,” suggesting Strategy will buy the latest dip.
Strategy didn’t immediately return Benzinga’s request for comment.
More Orange. pic.twitter.com/b5iYIMARJX
Cramer, who is invested in Bitcoin, said last year that he just wants Bitcoin, not any derivative or Bitcoin treasury companies.
He previously advocated for Bitcoin as a hedge against the escalating U.S. national debt, a sharp turnaround from writing off cryptocurrency as an investment just three years ago.
Photo courtesy: katz / Shutterstock.com
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This article Jim Cramer Says Michael Saylor Should 'Jam-Up' Bitcoin To $82,000: 'That Way Some Ill-Advised Folks Will Shout Double Bottom' originally appeared on Benzinga.com