Jim Cramer, the popular host of the ‘Mad Money’ program on CNBC, has recently attracted attention with his skeptical statements regarding the future of Bitcoin (BTC). In his last article in X, he doubled down on his claims. Moreover, he is now promoting a “price drop” theme, citing Bitcoin (BTC)’s massive declines.
Jim Cramer commented on Bitcoin’s decline
Jim Cramer linked to Additionally, he stated that BTC is ready for a “strong stance,” but it is more than that. The ‘Mad Money’ host added that even if BTC recovers, he won’t be able to hold it due to lack of inflows. He wrote:
Since Bitcoin is down nearly 20% from its high, I expect a strong stance, but it won’t hold because there isn’t enough money coming in. New theme: Price drop.
Previously, on Monday, Cramer voiced further criticism regarding the future of BTC. “Bitcoin is unlikely to put its foot down,” the host wrote. However, industry experts expect such comments from Cramer will eventually push the price of Bitcoin higher. Forbes Senior Contributor Rufas Kumau quoted Cramer’s tweet and expressed optimism. “You know what it is…we are coming back,” wrote Kumau, who adopted the hashtag Inverse Cramer.
Bitcoin price is declining
The world’s oldest crypto has been struggling with a bearish trend lately. Bitcoin price fell below $39,000 in today’s session, marking a massive 20% loss considering the ETF’s week high of $48,969. As of press time, BTC was valued at $38,919.42, down 4.39% on Tuesday. The crypto exhibited a market cap of $762.87 billion, indicating a decline of 4.51%. In comparison, Bitcoin’s trading volume increased by 82.63% to $31.10 billion. Due to the significant pullback, BTC dropped from $41,169.30 to $38,839.95 on Tuesday.
Ali Martinez, a popular crypto analyst, suggested that Bitcoin price could even fall below $33,000, citing historical trends. “Looking at the last two bull cycles, $BTC typically reached the 78.6% Fib before pulling back to the 50% Fib level,” Martinez said. The analyst added that Bitcoin recently reached the 78.6% Fibonacci level again. Therefore, a correction towards the 50% Fibonacci level is expected if the historical pattern continues. He also stated that it could sink BTC value to as low as $32,700, marking a 16% decline from the current price.
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