Bitcoin's slide below $80,000 has triggered a sharp exchange between Jim Cramer and the crypto community. The CNBC Mad Money host took to X on Feb 1 to question the absence of vocal bitcoin supporters during the weekend slump. He marked $82,000 as the critical level needed to argue for a double-bottom pattern, telling bulls they had until Monday to push the price back up.
Cramer's Stake and Shifting Track Record
Cramer wrote: "Where are the usual bitcoin defenders? I figure they have until Monday to get it back to $82,000 so they can claim double bottom and I say that as a long standing owner of bitcoin!!! Ahoy??" Despite the biting tone, Cramer described himself as a long term holder who now treats bitcoin as a core diversification asset. His personal history with the asset is well documented: he first bought in 2020, exited in 2021 after China's mining crackdown (calling it "fake money"), turned bullish again in early 2024, and by 2026 openly advises owning bitcoin directly rather than through proxies like MicroStrategy. He calls bitcoin a technological marvel and a permanent fixture in financial markets.
Inverse Cramer Effect and Weekend Liquidity Woes
Traders remain aware of the so-called Inverse Cramer effect, which gained traction after his 2022 sell call coincided with a market bottom. Although the SJIM inverse Cramer ETF liquidated in early 2024, the narrative persists culturally. Some now speculate that Cramer's bearish signals might again mark a near-term bottom. Cramer himself pointed to weekend illiquidity as a factor: "I am always surprised that those who have the most to lose by a falling bitcoin ($80,000 line in the sand) don’t defend it over the weekend." The remark highlights a structural issue—thin weekend liquidity makes prices more vulnerable to sharp moves with less active defense.
As of publication, bitcoin remains below $80,000, with the market awaiting fresh catalysts to break the stalemate.