Bitcoin Slips Below $41,000 After Jim Cramer’s ‘Far From The Bottom’ Tweet: What Happened To ‘Inverse Cramer’?
By Benzinga
CNBC host Jim Cramer, known for his often-contrarian takes on the market, is facing a fresh wave of scrutiny after sharing a stern warning from legendary trader Larry Williams.
Bottom Not In, Tweets Cramer
Cramer rattled the proverbial cage with the following tweet:
The legendary Larry Williams warning me that we are very far from the bottom in crypto
— Jim Cramer (@jimcramer) January 18, 2024
This had the camp of "Inverse Cramer" believers cheering: "we are so f–ing BACK baby," exclaimed cryptocurrency trader MoonOverlord.
For those unfamiliar, the "Inverse Cramer" phenomenon hinges on the belief that doing the opposite of what Cramer recommends on his CNBC show "Mad Money" will lead to profitable results.
This contrarian approach gained traction after numerous instances where Cramer's bullish pronouncements on stocks preceded significant downturns.
Read Also: From Casinos To 'Slaves': UN Report Details Tether's Role In Organized Crime
Will The "Inverse Cramer" Strike Again?
Bitcoin (CRYPTO: BTC) is down 4% over the last 24 hours, sliding below $41,000 at the time of publication. It marks the lowest price since the launch of spot Bitcoin ETFs.
Excited "Inverse Cramer" fans should note that Cramer was merely relaying information from Williams, the 1987 World Trading Champion.
His warning, delivered by a trader revered for his technical analysis prowess, throws a bucket of cold water on the optimism of cryptocurrency bulls. Williams, known for his unconventional trading methods and outspoken personality, has a track record of prescient market calls.
It remains to be seen whether Williams will pull off another feat, only months before the Bitcoin halving.
Photo: Shutterstock
