Jim Cramer, the host of CNBC’s Mad Money show, has doubled down on his bearish bitcoin price outlook, predicting that the cryptocurrency will continue to struggle against the backdrop of a plummeting crypto market. “Unlikely that bitcoin finds its footing,” Cramer emphasized, after previously declaring the recent price drop a “nasty beginning” to a significant downward spiral.
Jim Cramer Expects Further Bitcoin Price Drop
Mad Money host Jim Cramer weighed in on the price of bitcoin on social media platform X again this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
Cramer wrote on X Tuesday after the price of bitcoin fell below $39K: “Now that bitcoin’s down about 20% from its high I expect a strong stand to be made but it won’t hold because not enough money is coming in. New theme: Number Go Down.” On Monday, after the price of bitcoin dropped below $40K for the first time in 48 days, the Mad Money host wrote:
Unlikely that bitcoin finds its footing.
Many users on X slammed Cramer for his historically inaccurate bitcoin price predictions. Several pointed to the reverse Cramer effect, suggesting that a bullish market for bitcoin is on the horizon since Cramer consistently maintains a bearish stance. Many people see Cramer’s bearish bitcoin price prediction as a sign that the bottom is in.
Cramer has shared his outlook on the price of bitcoin several times following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. The price of bitcoin pushed above $47K in anticipation of the SEC approving spot bitcoin ETFs but plunged after the approval.
Last week, Cramer said the price drop was a “Nasty beginning to the bitcoin selloff.” He also recently said BTC is topping out and that bitcoin cannot be killed, emphasizing that it’s a ” technological marvel” that is “here to stay.”
While Cramer has cautioned about the falling price of bitcoin, he said last week that he is not “stridently against” spot bitcoin ETFs, noting: “Bitcoin’s been around for 15 years, it’s fairly well-established, and I don’t want to try to stop anyone from speculating in this stuff, as long as they do their research.”
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