Contrarian indicator Jim Cramer is bullish on Bitcoin! Where is the resistance level for BTC?

CNBC's famous host and commentator, Jim Cramer, has changed his views on Bitcoin! He admitted on the show that he sold too early and said, "If you like Bitcoin, then buy Bitcoin!" The community is optimistic, believing that the approval of a Bitcoin spot ETF will drive a major bullish trend for Bitcoin. Will Bitcoin's future be smooth sailing ahead?

Has Jim Cramer's Attitude Towards Bitcoin Shifted?

Last year, financial pundit Jim Cramer, who had previously advised investors to sell their cryptocurrencies quickly on his show, seems to have had a change of heart! In his show on 11/21, he stated:

"If you like Bitcoin, buy Bitcoin. That's always been my view. I liked it for a while, but I thought the money was made, and it seems like I sold it too early!"

As Bitcoin surged to $38,000 for the first time in a year and a half, Jim Cramer, often jokingly referred to as a market contrarian indicator, now appears to be bullish on Bitcoin?

Is Jim Cramer Truly a Contrarian Indicator?

Jim Cramer's ever-changing views on cryptocurrencies and the financial world have often been criticized, with many investors humorously suggesting that taking a stance opposite to his recommendations might be wise. In response, Tuttle Capital Management launched positive and negative funds in March 2023 specifically targeting Jim Cramer's investment advice, which are:

• Inverse Cramer ETF SJIM: A fund that goes against Jim Cramer's recommendations. Currently, the net asset value is $3.13 million, with a six-month return of -8.54% and a performance of -10.48% since inception.

• Long Cramer ETF LJIM: A fund that buys stocks recommended by Jim Cramer, but it has been delisted.

Reviewing SJIM's holdings, it's notable that the short positions are in the hottest G7 tech giants this year, including Nvidia, Microsoft, Apple, Meta, etc., which explains why the performance has been negative since inception. Interestingly, there are no holdings related to Bitcoin.

Bitcoin's Technical Analysis

After consolidating around the low of $15K in November last year for over a year, Bitcoin's spot ETF optimism this year led to a breakthrough of $30K and a high near $38K. Currently, the moving averages above $30K are showing strong support.

Looking at the Fibonacci Retracement, the first breakthrough point of $33,500 has officially crossed, which was also the previous neckline position, and there doesn't seem to be much pressure before the next resistance at $42K. Therefore, is Jim Cramer a contrarian indicator? Or is the community too optimistic? Let time be the judge!

Note: Fibonacci Retracement is based on the mathematical concept of the Fibonacci sequence discovered by the 13th-century Italian mathematician Leonardo Fibonacci. The most widely used retracement levels are 38.2%, 50%, and 61.8%, representing potential support and resistance areas.