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 U.S. equities and gold have outperformed Bitcoin.
Cramer’s contrarian nature
Knee-jerk reactions to Cramer's post interpret it 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 a sort of a meme in 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.
The facetious Inverse Cramer ETF (SJIM), which was supposed to be a slam dunk for investors, ended up being a failure due to the analysts' stock picks not being as consistently wrong as some critics believe.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team