Since early November, the cryptocurrency market has been on a tear, following the rising price of Bitcoin (BTC). Its price has risen by almost 30% in the last 50 days, and its return since the beginning of the year has amounted to 166%.
Of course, its upward movement was not uniform, and each new jump was accompanied by a short-term pullback.
Many leading analysts who were once skeptical of cryptocurrencies have now become bullish supporters, including infamous investor Jim Cramer, who said on November 22 that he would rather own the leading cryptocurrency than invest in its largest corporate holder, MicroStrategy.
For those unfamiliar, former hedge fund manager and media personality Jim Cramer has a reputation for making spectacular mistakes. He has the uncanny ability to recommend an asset just before it crashes. The irony is that Cramer's endorsement now makes investors expect the worst.
And after the latest episode of the show "Mad Money", in which Kramer mentioned Bitcoin in a conversation with a viewer, the financial newsletter The Kobeissi Letter account posted a video of the conversation and a chart showing the short-term drop in BTC price after the broadcast.
Reactions to Cramer's Bitcoin Position. Source: The Kobeissi Letter
Based on this, the crypto community has speculated that the Bitcoin bull rally is over. However, Cramer's words, fortunately, do not have a serious impact on the price of Bitcoin, which on the evening of November 22 again attempted to approach the $100,000 level, setting ATH about $99,600.
