Jim Cramer’s Bearish Market Prediction Invites Skepticism and Mockery
Numerous analysts have predicted a recession. According to Jamie Dimon, CEO of JPMorgan Chase, the U.S. and the rest of the world’s economies are most likely to experience a recession by the middle of next year. Elon Musk, the CEO of Tesla and the owner of Twitter, has issued a recession warning as well; he believes that if the US Federal Reserve raises interest rates again, the recession would worsen.
Moreover, IMF Managing Director Kristalina Georgieva said that 2023 will be “tougher” than last year as the US, EU, and Chinese economies struggle.
However, despite these ominous predictions, the beginning of 2023 appeared promising. Bitcoin began the year on a high note, rising 28% since the beginning of January. However, as February approaches, the scenario becomes grim yet again.
Jim Cramer’s prediction
Jim Cramer, the host of the financial TV show “Mad Money,” believes the market has entered a bull market and that investors should consider investing. In a recent tweet, Cramer has explained that the market is likely to turn negative and it seems like the Fed will tighten and create a recession no matter what.
Jim Crammer is renowned for consistently being bearish on the markets and has frequently spoken against cryptocurrency. The crypto business may experience another downturn in light of Cramer’s earlier remarks. Over the previous few years, he has made a lot of forecasts, many of which have turned out to be wrong.
In September 2021, he advised investors to sell their BTC holdings. Then, two months later, the asset reached its ATH of about $70,000. In January of last year, he said that because the market correction might be finished, people should join the ecosystem. 2022, on the other hand, was disastrous for the cryptocurrency industry and Bitcoin.
The Inverse Jim Cramer Strategy?
Jim Cramer frequently makes incorrect market predictions. There are several causes for this. His method of conducting market analysis has drawn criticism for relying more on anecdotal evidence than on in-depth economic and data analysis. There isn’t a systematic strategy taken, hence, forecasts may not be supported by data and are less reliable.
As he constantly makes erroneous predictions, the crypto community has made him out to be the laughing stock and interprets what he says as the reverse of what is actually true. Following his latest projection, the community interpreted his prediction as a signal to go long and bullish. Others have urged him to refrain from making any more inaccurate forecasts.
What do you think about Jim Cramer’s recent prediction? Should it be given any importance or should it be taken with a grain of salt like the rest of his predictions? The global crypto market cap is $1.07T and Bitcoin is currently trading at $22,980.38.