Key Points
- Elon Musk responds to Bitcoin’s recent value decrease, following financial analyst Jim Cramer’s positive view on the cryptocurrency.
- Despite uncertainties, Bitcoin shows a 46% growth, indicating a bullish market sentiment.
Elon Musk, Tesla CEO, whose net worth soared to a staggering $348 billion post Donald Trump’s victory in the U.S. presidential election, has been in the news again. This time, his reaction to the sudden drop in Bitcoin’s value has caught the crypto world’s attention.
Jim Cramer’s View and the Crypto Community’s Response
Musk’s amusement at the pullback in Bitcoin’s value came in response to financial analyst Jim Cramer’s bullish stance on the cryptocurrency. Musk reacted to a satirical take on the “Inverse Cramer” trend with a laughing face and a “100%” emoji.
The “Inverse Cramer” trend suggests that going against Jim Cramer’s advice could yield positive returns. This idea gained enough traction to launch an exchange-traded fund (ETF) in 2022, allowing investors to bet against Cramer’s predictions. However, due to limited success, the ETF was shut down earlier this year.
Crypto analyst, Ali Martinez, added to the conversation by noting another sell signal.
Bitcoin’s Recent Performance
Bitcoin recently saw a significant rally, reaching almost $99,860 on the major U.S. exchange Coinbase. Despite this, the optimism could be short-lived, especially with Jim Cramer’s bullish stance on the cryptocurrency.
While the idea of counter-trading against Cramer’s predictions has gained attention, there is no conclusive proof that it is a consistently profitable strategy. As per the latest data, Bitcoin was trading at $98,074.06, showing a modest 0.72% increase in the last 24 hours and a substantial 46% growth over the past month.
What’s Next for Bitcoin?
According to IntoTheBlock data, 98.46% of Bitcoin holders are currently profiting, with their tokens valued higher than their purchase price, indicating a prevailing bullish sentiment. Interestingly, there are no Bitcoin holders “out of the money”. Although Bitcoin’s future movements are uncertain, these trends underscore the influence of market sentiment and external factors on its price direction.