Tech mogul Elon Musk was amused by Bitcoin's (CRYPTO: BTC) sudden pullback following financial analyst Jim Cramer's bullish take on the leading cryptocurrency.
What happened: In a recent X post, Musk reacted with a laughing face and 100% emoji in response to a satirical post on the "Inverse Cramer" phenomenon.
— Elon Musk (@elonmusk) November 23, 2024
The story started Friday when Cramer, host of CNBC's Mad Money show and a former hedge fund manager, revealed owning Bitcoin and called it a "clear winner."
Interestingly, Bitcoin, which was on the verge of reaching $100,000, retraced after Cramer's advocacy and fell below $96,000 early Sunday.
See Also: Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and 'Eventually' Top $1M
Why It Matters: For the uninitiated, the "Inverse Cramer" phenomenon hinges on the belief that doing the opposite of what Cramer advises could lead to profits.
In fact, an exchange-traded fund (ETF) was floated in 2022, allowing investors to bet against Cramer's predictions. The ETF eventually shut down earlier this year.
Even influential cryptocurrency analysts like Ali Martinez wrote, "Another sell signal," reacting to Cramer's endorsement.
Another sell signal...pic.twitter.com/YlJv9oPocw
— Ali (@ali_charts) November 23, 2024
That said, there has been no definitive proof of counter-trading Cramer's predictions being a profitable strategy.
Price Action: At the time of writing, Bitcoin was trading at $97,556.56, down 1.03% in the last 24 hours, according to data from Benzinga Pro.
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