The crypto community mourns on X as the 2024 bull market seems to be over. No, this is not a drill, Jim Cramer said on national TV that bitcoin is a winner and he advised people to own BTC.
If this isn’t a clear bear signal, we don’t know what is.
Bitcoin Is a ‘Winner’
The host of CNBC’s Mad Money has frequently outlined somewhat controversial viewpoints and advice in his show. His success rate, at least when it comes down to crypto, has been… mixed. Actually, he has changed his mind more times than ‘a girl changes clothes,’ as Katy Perry would say.
We will not go down the long road of his pro- and anti-bitcoin and crypto statements, but all we are going to say is that there is an inverse Cramer account and trading strategy on X, and even Elon Musk has previously mocked him. Oh, just for reference – he said a few weeks ago that the market was anticipating a win for Kamala Harris in the 24 US presidential elections.
During a show from the past business week, Cramer praised MicroStrategy’s bitcoin strategy, which has brought impressive benefits for the company since embracing BTC as a reserve asset in August 2020. Its stock price, despite the recent correction, has skyrocketed and MSTR sometimes has bigger trading volumes than the likes of Apple and Amazon.
After highlighting MSTR, Cramer said, “All I can tell you is own Bitcoin, that’s a winner.” In the future, people will go back to this moment to point out where everything went wrong for crypto.
JIM CRAMER: “All I can tell you is own Bitcoin, that’s a winner”
It’s over pic.twitter.com/l5Mx3VTsA3
— Inverse Cramer (@CramerTracker) November 22, 2024
Bear Market Starts?
Given his historical flops when trying to determine a market top or bottom, the crypto community was quick to highlight his praising words for BTC as the beginning of the end. Many analysts and commentators warned investors that this is a proper sell signal and they should run for their lives.
BREAKING
BITCOIN HATER JIM CRAMER HAS TOLD ON LIVE TV TO “OWN BITCOIN” BECAUSE “THAT’S A WINNER”.
IS THIS THE SELL SIGNAL? pic.twitter.com/CNhntlqg2I
— Ash Crypto (@Ashcryptoreal) November 22, 2024
It’s probably not that surprising now that the asset failed to breach $100,000 yesterday. It all makes sense now.
Joking aside, BTC indeed came around $200 away from tapping that level but was stopped and pushed south slightly. If this spectacular rally is indeed over now, all fingers will point to Cramer’s words.
