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

DeMark invented the DeMark Indicator, which some traders use to time the market.

Cramer reviewed the daily chart action for bitcoin, which peaked at around $65,000 in mid-April.

DeMark, 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.

“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.

As 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.

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