Bitcoin will Dump to $12,000, Its “Pre-Fiasco” Level -Breaking
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© Reuters. Jim Cramer: Bitcoin will Dump to $12,000, Its “Pre-Fiasco” Level- Jim Cramer recently appeared on CNBC’s Squawk Box to discuss .
- According to the TV host, Bitcoin could drop as low as $12,000.
- Bitcoin is showing a declining trend and is trying to hold steady at the $20,000 level of support.
Jim Cramer claims that Bitcoin may drop further than rebound in the short-term. The investor who hosts CNBC’s “Mad Money” program reiterated his bearish view on the benchmark cryptocurrency by claiming that it’s time for those in the industry to accept that BTC is ready for a big fall.
Popular investor says that the crypto will drop to $12,000 or lower, which is the level before fiasco.
Joe Kernen, the host of CNBC’s “Squawk Box,” had invited Jim Cramer onto the show to chat about Bitcoin and conventional markets. Kernen asked Cramer about his views on Bitcoin’s price drop and the potential future of the controversial currency. When asked if the Bitcoin would fall 50% or 100%, Kernen replied saying, “I think it goes to 12,000.”
“I think it goes to $12,000, where it was before this whole fiasco began,” says @jimcramer on #bitcoin $BTC. pic.twitter.com/7LpOV44z6k
— Squawk Box (@SquawkCNBC) June 17, 2022
Cramer stated that the Bitcoin developers had to stand up for their cause. “We need some guys to say, look this is the level, that’s typical of what happens when it’s about to really drop big.”
Cramer’s comments come just a week after he referred to Bitcoin and as the most legitimate cryptocurrencies. He also said that it was okay for people to consider them investment-free assets, but not Bitcoin.
BTC is now under severe downward pressure, at around $20,600. That’s about 3% less than the 24 hour prior. Weekly losses average 30% while bear markets have lost 70% of their value since November’s peak at about $69,000. Tone Vays (a prominent cryptocurrency YouTuber) posted a June 14 video where he stated that Bitcoin has fallen to its lowest point.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.
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