Mad Money Host Jim Cramer Predicts $12,000 Next For BTC Price

In a new interview on CNBC’s Squawk Box, the CNBC host and ex-hedge fund manager Jim Cramer, issued a serious crypto warning to investors, predicting that the world’s largest cryptocurrency could plummet to a new low of $12,000, according to CoinmarketCap.

Bitcoin Maximalists Must Take a Stand to Avoid a Critical Price Drop

Cramer claimed in the interview that Bitcoin top guns need to take a stance quickly so that the coin doesn’t fall further because if it does, it could be very dangerous for the entire crypto market. The sector is already in a very difficult situation.

He goes on to say that the coin could hit $12,000, which is where the whole thing started if steps are not taken to prop it up. Cramer constantly noted that a drop in BTC to such a ridiculous price could be prevented if the coin’s maximalists take a stand and take care of it.

I think the people involved with Bitcoin need to take a different stance… we need some guys who say ‘Look, this is the level’. That’s typical of what happens when it’s about to get really big.

Last week, the former hedge fund manager revealed that he is a strong supporter of BTC and ETH, stating that these are the “most legitimate” digital assets. Cramer also noted that he owns crypto and would not advise anyone not to own one.

Bitcoin miners in battle as hashrate skyrockets

According to Blockchain.com, total revenue paid to miners has fallen to its lowest level in nearly a year and the share prices of listed miners Marathon Digital and Hut 8 Mining have both fallen 41% in the past month.

Bitcoin mining has become more competitive and mining has risen significantly, with Bitcoin’s hash rate reaching an all-time high on June 12. Widespread Bitcoin mining has made coin production difficult and requires more energy.

Yuya Hasegawa, crypto market analyst at bitbank, warned in a note on Friday:

If the current situation continues, miners are likely to sell their Bitcoins when the price bounces back, which will slow the pace of price recovery and could put Bitcoin in a range-bound movement for a while.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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