Two days after Jim Cramer made bearish comments on Bitcoin (available on Coinbase), the BTC price has started to revive itself. A bullish reversal is not yet confirmed, as Bitcoin (available on Coinbase) would have to break above key resistance for that to happen.

However, the BTC price has moved back to above $6,000, which indicates a trend reversal could very well be in progress. 

And yet, Cramer has still thrown in the Bitcoin (available on Coinbase) towel. He even did so on the day that Bitcoin (available on Coinbase) crossed a high of $6,259. So what gives?

Jim Cramer BTC Price: Who Should We Believe?

It’s difficult to say, as the crypto market is somewhat divided this week. Some are saying it’s game-over for Bitcoin (available on Coinbase), while others are confident BTC is eyeing a new target for bull reversal.

For those believing Bitcoin (available on Coinbase) is coming to an end, we have Jim Cramer. 

On Tuesday, Cramer, who is the co-founder of the TheStreet, said to his CNBC audience that Bitcoin (available on Coinbase) nearing 2018 lows suggests that the possibility of recovery is becoming less likely. Here, the 63-year-old former hedge fund manager is likely talking about the February low of $6,000, which, if the BTC price falls during the rest of the week, is possible of being hit. 

Jim Cramer didn’t outright state that Bitcoin (available on Coinbase) is broken, which is a notion Tom Lee has denied this month. He even made it clear that he’s “not saying its time has passed,” but simply that there is somETHing suggesting “the sun seems to be setting” on the virtual currency.

But is he right? 

Bitcoin (available on Coinbase) Price Today: August 16, 2018

At press time, Bitcoin (available on Coinbase) is selling for $6,356.38, which puts the coin down 0.70% in the past twenty-four hours. 

The gist is this: if Bitcoin (available on Coinbase) can move past $6,675, then it’s safe to say a bullish trend reversal has arrived. Sounds like a faraway goal based on today’s BTC activity, but let us not forget the coin jumped to $6,649 on Wednesday. 

Source: CoinMarketCapCrypto Price Predictions

At this point, everything (for the most part) is speculation. Jim Cramer may believe that the current price action illustrates that Bitcoin (available on Coinbase) won’t return to new highs (he’s not alone; Wall Street’s Jeff deGraaf imagines somETHing similar), but Fundstrat’s Tom Lee thinks the opposite.

At the start of this month, according to Fundstrat’s Bitcoin (available on Coinbase) Misery Index, Bitcoin (available on Coinbase) “isn’t broken” if it can hold at its current level. Granted, at the time of this news, Bitcoin (available on Coinbase) was trading above $7,000. 

The Takeaway

As I said, it’s all speculation. It’s easy to listen to financial leaders’ theories, whETHer it be the Jim Cramer BTC price forecast or the Tom-Lee Bitcoin (available on Coinbase) price target.

However, if you want an organic approach to Bitcoin (available on Coinbase), monitor the charts so you can see where the coin is sitting for yourself.

Featured Image: Twitter

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