Technology

Jim Cramer crypto prediction for 2024 is bearish – Crypto News

Published

2 years ago

January 2, 2024

Dripp

Renowned financial analyst and host of CNBC Mad Money, Jim Cramer, has once again expressed his skepticism towards cryptocurrencies, predicting “another weak year for crypto” in a recent post on X.

This skepticism is not new, as Cramer has been consistently bearish on cryptocurrencies, even going as far as calling crypto holders “dumb.”

Jim Cramer Deviates From Many Bullish Crypto Projections

Cramer’s recent deviation from many bullish projections has sparked a renewed debate within the financial community. While the crypto market has seen remarkable growth and adoption over the past year, Jim Cramer remains skeptical about its prospects. His blunt assessment of crypto holders and the overall market has raised eyebrows, especially considering the ongoing trend of institutional adoption and increased mainstream acceptance of cryptocurrencies.

Despite Cramer’s bearish sentiments, the crypto market, particularly Bitcoin, has shown resilience and positive momentum. As of now, Bitcoin is trading at $45,734, reaching its highest value since April 2022.

As i predict another weak year for crypto, i do ponder how many people are still involved, now many millions of people….

— Jim Cramer (@jimcramer) January 2, 2023

The cryptocurrency witnessed a 7.16% increase on the second day of the year, propelling its market capitalization to an impressive $895.7 billion. This bullish performance contradicts Cramer’s predictions of a weak year for crypto, leaving investors and enthusiasts to wonder about the factors contributing to this surge.

As the crypto market continues to evolve, it remains to be seen whether Cramer’s skepticism will hold true or if the market will defy his expectations once again.

The Inverse Cramer Effect

Jim Cramer’s history with Bitcoin and his consistently negative outlook on cryptocurrencies have earned him a reputation as a crypto skeptic. In the past, his statements have led to what is known as the “Inverse Cramer” phenomenon, where investors take the opposite stance to his predictions.

This contrarian strategy gained enough traction to prompt investment firm TUTTLE to launch the Inverse Cramer ETF in October 2022. The ETF actively managed and equally weighted, tracks stocks based on Cramer’s on-air CNBC appearances and social media posts.

The Inverse Cramer ETF represents a unique approach, allowing investors to capitalize on market movements that go against Cramer’s forecasts. At the moment, the ETF is down by 0.63% compared to Bitcoin’s 7%, a showcase of how sideways expert predictions can grow.

Notably, it is crucial to note the associated risks, as investors could face losses if Cramer is absent from CNBC or X for an extended period.