YEREVAN (CoinChapter.com) – The Inverse Jim Cramer effect strikes again and has us wondering, is the Bitcoin (BTC) rally just around the corner? If you are confused at this point and need some reassurance that we are in full possession of our faculties, read on!
CAUTION! Inverse Jim Cramer Effect At Work
Let’s start at the beginning. Jim Cramer is an American television personality and author. He is the host of Mad Money on CNBC and an anchor on Squawk on the Street. Here’s the funny part. Cramer has taken a jab at cryptocurrencies on multiple occasions, along with assurances of success for Bitcoin and Ethereum.
While he can’t make up his mind on the matter, another alarming tendency reared its ugly head. Many of Cramer’s crypto predictions missed the target completely, prompting a Reddit thread to call him out on it. The subreddit spawned the Inverse Jim Cramer effect that some traders swear by, with plenty of examples throughout the past few years.
The crypto community has the tendency to crank everything up to eleven. So, without further ado, the Inverse Cramer ETF was filed! The latter aims to capitalize on the track record of Jim Cramer’s investment predictions, particularly his incorrect ones. True, the US Securities and Exchange Commission (SEC) has NOT yet approved the ETF, but no government agency can stop us from laughing our heads off…
Will Cramer’s Latest Prediction Follow the Pattern?
Back to business. Cramer commented on Bitcoin price on Jan 8. In the context of potentially buying Bitcoin mining-related stocks Marathon (MARA) and Riot (RIOT), he said that the BTC price is “topping out,” meaning he did not expect the bull market to continue.
Time to BUY Bitcoin Whales Say
Will the prediction follow the pattern of Cramer spectacularly missing the mark? Some investors thought so, and hilariously pumped BTC price 9% on Jan 8, the largest intraday uptick of the year so far. As of Jan 9, BTC/USD reached just below $46,800.
Naturally, we doubt that big, serious, cigar-chomping Bitcoin whales gave a cr*p about the Inverse Jim Cramer. But they did double down, actively adding new members to the $10 million and $1 million club.
Don’t get us wrong, we are all for market competition. But nothing will stop us from chuckling over the Inverse Jim Cramer effect and the man’s unerring confidence with EVERY prediction – right or wrong.
