Famous stock picker Jim Cramer recently took to the X social media network to opine that the price of Bitcoin is actually easy to prop up.
He has seemingly suggested that it is being artificially inflated by manipulation, large holders, or specific entities (like Michael Saylor’s Strategy).
However, this comes after Strategy injected nearly $1 billion ($980.3 million) of pure buying pressure into the market between Dec. 8 and Dec. 14.
Despite this massive influx of cash, the price fell. They bought at an average of $92,124, but the price has since plunged to $85,000. The $100,000 level now appears to be out of reach for the bulls this year.
So, the market absorbed that $1 billion and still sold off. Hence, some commentators have noted that Cramer's logic is somehow flawed (unless his post is sarcastic).
"Inverse Cramer"
The reactions of the jaded cryptocurrency community are (unsurprisingly) dominated by the "Inverse Cramer" theory.
This is a long-standing internet meme/theory arguing that Cramer is so consistently wrong about market predictions that investors should do the exact opposite of what he says to make money.
Many users are celebrating his negativity because, according to the meme, his bearishness might signal a market bottom.
However, "Inverse Cramer" is just a meme that is the result of a few high-profile bad calls. In reality, counter-trading the famous stock picker might be a bad strategy.
Bitcoin is currently changing hands at $86,411 after collapsing to an intraday low of $85,427.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
