The host of Mad Money, Jim Cramer, has predicted that bitcoin’s price will fall to $12,000. Nonetheless, he has recommended bitcoin and ether for people wanting to invest in crypto.
Jim Cramer, the host of Mad Money, talked about the future outlook for bitcoin on CNBC Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.
He was asked whether he thinks bitcoin is going to bounce from the current level, or whether BTC will go down another 50% or more.
Sharing his bitcoin price prediction, he replied:
I think it goes to $12,000, where it was before this whole fiasco began.
“I think the people involved with bitcoin have to take another stand,” the Mad Money host stressed. “We need some guys to just say, ‘Look this is the level.’ That’s typical of what happens when it’s about to really drop big.” He emphasized, “They can’t let it go down anymore.”
However, Cramer said if the lender changed the margin rates on crypto, Saylor “would be out in a second.”
Bitcoin plummeted early Saturday morning, falling below $20K for the first time since 2020. At the time of writing, BTC is trading at $17,983, down 13% over the past 24 hours and almost 40% over the last seven days.
The Mad Money host tweeted Saturday:
Ten percent down for bitcoin and you get some nasty margin calls over the weekend … Amazing that there are no big institutions propping this up.
He added in a follow-up tweet: “I wonder what rabbit Michael Saylor can pull out of a hat with his Microstrategy gameplan. I wonder when he first raised money if he had this in mind.”
What do you think about Jim Cramer’s prediction? Let us know in the comments section below.