Jim Cramer, host of CNBC's Mad Money, has doubled down on his bearish bitcoin price outlook, predicting that the cryptocurrency will continue to struggle against the backdrop of plunging crypto markets.
Jim Cramer Predicts Further Bitcoin Price Drop
Mad Money host Jim Cramer returns to discuss bitcoin prices on social media platform X. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
"It's unlikely bitcoin will ever find its footing," Cramer stressed, having previously characterized the recent price drop as a "bad start" to a significant downward spiral. Cramer wrote in his footing.
New theme: Falling Numbers." On Monday, after the price of bitcoin fell below $40K for the first time in 48 days, the Mad Money host wrote: Many users on X blasted Cramer for his historically inaccurate bitcoin price predictions. Some people point to the opposite Cramer effect, suggesting that a bull market for bitcoin is on the horizon as Cramer consistently maintains a bearish stance.
Many people saw Cramer's bearish bitcoin price predictions as a sign that a bottom had been reached. Cramer has shared his views on bitcoin prices several times following the approval of a bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) on January 10.
Last week, Cramer said that the price drop was "A bad start to the bitcoin selloff." He also recently said that BTC is reaching its peak and that bitcoin cannot be killed, emphasizing that bitcoin is a "technological wonder" that is "here to stay."
Bitcoin prices pushed above $47K in anticipation of the SEC approving a spot bitcoin ETF, but fell after the approval.
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