Jim Cramer Anticipates Further Decline in Bitcoin Price
Jim Cramer, the host of CNBC's Mad Money show, remains skeptical about the prospects of bitcoin amidst a continuous downturn in the cryptocurrency market. Cramer believes that bitcoin will struggle to regain its momentum, emphasizing that the recent price drop is just the beginning of a significant downward spiral.
Cramer, a former hedge fund manager and co-founder of financial news website Thestreet.com, expressed his opinion on the price of bitcoin on social media platform X. He stated that the current price decrease of approximately 20% from its peak may lead to a temporary rebound. However, Cramer doubts that this recovery will be sustained due to insufficient capital inflow. He even coined a new theme, "Number Go Down," to describe the prevailing market sentiment.
Following the drop in bitcoin's price below $40,000 for the first time in 48 days, Cramer reinforced his pessimistic stance by stating that it is unlikely for bitcoin to stabilize and regain its value.
Unlikely that bitcoin finds its footing.
Many users on X criticized Cramer for his consistently inaccurate bitcoin price predictions. Some even suggested that his bearish outlook on bitcoin serves as a contrarian indicator, implying that a bullish market may be on the horizon. They view Cramer's pessimism as a signal that the market has reached its bottom.
Cramer has repeatedly shared his views on bitcoin's price following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on January 10. Initially, the price of bitcoin surged above $47,000 in anticipation of the SEC's approval. However, it quickly plummeted after the announcement.
Last week, Cramer referred to the price drop as a "nasty beginning to the bitcoin selloff." Nonetheless, he also acknowledged that bitcoin is a resilient asset that cannot be easily eliminated, describing it as a "technological marvel" that is here to stay.
While Cramer has expressed concerns about the declining price of bitcoin, he clarified that he is not vehemently opposed to spot bitcoin ETFs. He recognizes that bitcoin has been in existence for 15 years and is a well-established asset. Cramer believes that individuals should have the freedom to speculate on bitcoin as long as they conduct thorough research.
What are your thoughts on Jim Cramer's bitcoin price outlook? Share your opinions in the comments section below.
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