Longtime CNBC host Jim Cramer has taken to the X (Twitter) social media network to state that he wants the endless rally of speculation (gold, crypto and unprofitable companies) to come to an end.
It is worth noting that both US equities and gold have outperformed Bitcoin.
Cramer’s contrarian nature
There was a knee-jerk reaction to interpret Cramer’s post as a bullish sign. “This might be the most bullish thing I've seen in September,” one market watcher said. “Bitcoin will now go higher. Thank you Cramer!” another commentator quipped.
Cramer’s market predictions have long become some sort of a meme within the cryptocurrency community due to a history of high-profile misses. The analyst’s most infamous miss was being bullish on Bear Stearns right on the verge of its collapse.
However, it should be noted that there is still bias in play since traders like to highlight Cramer’s notorious misses due to the pundit’s sheer popularity.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team