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Inverse Cramer Strikes Again: Is Bitcoin Going to 15K?
- Inverse Cramer, an index that does the exact opposite of everything CNBC analyst Jim Cramer predicts, is up 60% since 2017.
- Cramer predicted a Bitcoin crash in October 2023, which BTC immediately made a mockery of by surging 5% within a week.
- However, Cramer has now flip-flopped on his stance to say he’s always been a Bitcoin advocate and that the asset is a buy.
- Bitcoin holders around the world uttered a collective groan upon hearing the bad news.
CNBC’s Jim Cramer is one of the finance industry’s most polarising figures. He is well-known – but for the wrong reasons. Cramer is notorious for making big, outlandish calls on assets like Bitcoin, only to be swiftly proven incorrect in his predictions. In fact, so infamous are his forecasts that a portfolio exists that literally does the opposite of everything that Cramer recommends. The best part? Since 2017, the index is up nearly 60%.
Bad News For Bitcoin Bulls
While Cramer’s seeming inability to get anything right is humorous to outsiders, he has long been staunchly anti-Bitcoin. This has, of course, been a great outcome for BTC holders, as his predictions that Bitcoin will bleed value have almost always come unstuck. For example, on October 12, 2023, Cramer went on national TV to state that “Mr. Bitcoin is about to go down big”. Naturally, Bitcoin posted its best performance in years immediately following the call, and is up 37% since then.
However, Cramer’s antics are no longer a laughing matter for BTC owners, as the controversial analyst is finally on board with Bitcoin.
“If you like Bitcoin, buy Bitcoin,” he said on his regular CNBC spot recently, claiming that has always been his view despite mountains of evidence to the contrary.
If the Inverse Cramer index is to be believed, this spells bad news for Bitcoin over the next few months. We know the last time he made a prediction pertaining to BTC, it went the other way by nearly 40%. The same outcome would result in Bitcoin dropping back under US$ 30k (AU$ 45k AUD).
However, BTC holders will be desperately clinging to the hope that surely, just this once, Jim Cramer has gotten something right.
Surely…
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
