Crypto Community Reacts Positively to Jim Cramer's Market Warning, Jokingly Hints at a Potential Bull Run

Crypto Community Reacts Positively to Jim Cramer’s Market Warning, Jokingly Hints at a Potential Bull Run

Updated: 20 July 2023

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The crypto industry has proven throughout history that it has a sense of humor and likes a good joke. After all, the rise of the meme coin sector should be proof enough of that. So, when a controversial TV personality and former hedge fund manager, Jim Cramer, warned the industry participants against crypto, many reacted to the warning with humor and optimism.

In his recent tweet published on July 20th, Cramer warned that crypto users should “Be careful, we are finally overbought…”

Be careful, we are finally overbought…

— Jim Cramer (@jimcramer) July 19, 2023

Why is the market reacting with humor?

To understand the community’s reaction, it is worth noting that Cramer is famous for his extremely imprecise price forecasts for crypto and numerous other assets. Still, his crypto forecasts and advice have earned him a reputation that he “enjoys” today.

For example, Cramer recommended that crypto users buy Bitcoin back in 2017 while the asset was at its ATH. Once 2018 came and the crypto winter settled in, he recommended selling Bitcoin after its price had already crashed.

In other words, the crypto market tends to move in the opposite direction from what Cramer recommends. These were not isolated incidents, either.

In April 2021, Cramer sold off his entire Bitcoin portfolio due to concerns regarding China’s mining dominance. Soon after that, Bitcoin skyrocketed, reaching its current ATH at $69,000 per coin.

Given this history, it is not surprising that the crypto industry met Cramer’s new warnings with humor and optimism.

BUY BUY BUY

— The Redheaded libertarian (@TRHLofficial) July 19, 2023

Some even went as far as to announce the start of a bull run since Cramer believes that a price crash is imminent.

YESSS!! FINALLY THE BULL MARKET STARTSSSS

— Crypto Rover (@rovercrc) July 20, 2023

Betting against Cramer means making profits 60% of the time

The CNBC host’s predictions have been a topic among crypto industry participants for ages now, and most are amused by how bold and often contradictory his statements are to the actual state of things. This is what inspired entire memes related to Cramer, and as one Twitter user said,

If Jim Cramer is worried, then it’s definitely time to buy.

Some crypto users have even taken the joke to the next level, creating an entire account dedicated to trading against Cramer’s predictions.

According to the claims from its owner, the account has a success rate of around 60%, suggesting that Cramer’s predictions are wrong 60% of the time.

The question now is whether this is another instance of an imprecise Cramer forecast or if the controversial television personality finally got it right.

There is still no clear answer for now, although Bitcoin did see a small surge earlier today, going from $29,950 to $30,400 in the last 8 hours.

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