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If the ‘Midas touch’ is the knack for everything you touch turning to gold, surely the opposite is the ‘Cramer effect’.

On January 2nd, the analyst famous for his embarrassingly incorrect predictions – Jim Cramer gave his forecast for the 2024. And this time, the ‘Cramer effect’ came for Bitcoin.

“This thing, you can’t kill it… It’s a technological marvel and people have to start recognising that it’s here to stay,” said Cramer on CNBC’s Mad Money.

This was on the same day that Bitcoin broke through a key resistance level of $45,000 for the first time in nearly two years.

And, sure enough… on January 3rd, less than 20 hours after Cramer’s prediction, Bitcoin’s price fell more than ten percent, from $44,961 to under $40,850 in the space of just a few hours.

See more: Bitcoin starts 2024 off strong, reaching a new key milestone

Jim Cramer is legendary among stock traders for some of the most erroneous predictions in modern history. Here are just some of his greatest hits:

Tempting as it may be to blame the ‘Mad Money’ host for this rather uncanny dip, there’s actually a more salient reason that all manner of cryptos (and yes, most of all Bitcoin) tanked today.

Respected asset management firm Matrixport released one of its regular ‘Matrix on Target’ market insights report today, titled ‘Why the SEC will REJECT Bitcoin Spot ETFs again’.

In the four hours following the Matrixport publication, nervous traders and investors initiated a selloff of BTC, which caused the crypto to drop a whopping $4,100.

Somewhat confusingly, Matrixport released another daily insight on the same day entitled ‘Bitcoin Spot ETF approval imminent, BTC to jump to $50,000’.

The post Bitcoin price drops over $4000, hours after Jim Cramer says it'll live forever, but why? appeared first on Invezz

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