Bitcoin’s $100K Odds Drop from 88% to 36%. “Inverse Cramer” Signal?

On Kashi, a forecasting platform, the likelihood of Bitcoin (BTC) reaching $100,000 before December has plunged from 88% to 36%. The sharp decline follows Jim Cramer’s recent advice to “own Bitcoin,” which sparked both humor and concern within the crypto community.

Odds of #Bitcoin touching $100,000 before December collapsed from 88% to 36% on @Kalshi https://t.co/if6M4MXGiD pic.twitter.com/6Pm9wSaTja

— *Walter Bloomberg (@DeItaone) November 25, 2024

“Inverse Cramer” Signal?

Cramer’s influence on market trends, often dubbed the “Inverse Cramer” effect, has long been a subject of discussion. Reports suggest that digital asset prices frequently move contrary to his buy-or-sell recommendations. Many in the crypto space have attributed the reduced odds of Bitcoin hitting $100,000 to his bullish statement.

One X user expressed doubt, questioning the likelihood of BTC reaching $100,000 now that Cramer is bullish. Another user encouraged traders to “buy the dip,” hinting that the price may rebound to higher levels in the future.

Cramer’s Shifting Stance on Bitcoin

Cramer has often alternated between bearish and bullish views on Bitcoin, and his inconsistent predictions have left many investors wary of his advice. Recently, CoinTab reported that during a call with a MicroStrategy (MSTR) investor, Cramer claimed Bitcoin was a better investment than MSTR stock, advocating for greater BTC adoption.

His latest recommendation to “own Bitcoin” coincides with a downturn in the cryptocurrency’s price. On-chain data reveals that BTC is now trading at $94,700, a 5% drop from its November 22 all-time high of $99,645.

This is not the first time Cramer’s predictions have contrasted with market movements. In October 2023, he forecasted a sharp decline for BTC, but the asset surged just months later, in January, following the approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S.

Analyst Targets BTC Profit Potential at $400K

Despite concerns about Bitcoin’s trajectory following Cramer’s remarks, some analysts remain optimistic. Ali Martinez, a market analyst, has projected a potential BTC price of $400,000 or higher during the next bull run. Recently, Martinez advised investors to safeguard their capital for the next bear market, citing historical trends as a guide. 

While opinions vary, Bitcoin’s price movements remain closely watched as the year-end approaches.