Jim Cramer: Bitcoin will Dump to $12,000, Its “Pre-Fiasco” Level

Jim Cramer says Bitcoin is likely to drop further in the short term rather than bounce. 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.

According to the popular investor, the cryptocurrency will likely dip to lows of $12,000, which he terms as the pre-fiasco level.

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.”

Cramer also stated the people behind Bitcoin had to take another stand. “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 Ethereum as the most legitimate cryptocurrencies. The financial guru also remarked that people should be permitted to invest in them as long as they do not consider them risk-free assets.

BTC is currently under downward pressure near $20,600, about 3% down in the previous 24 hours. Weekly losses are at 30%, while the bear market has lost 70% of its value since peaking last November at around $69,000. In a recent post on June 14, leading cryptocurrency YouTuber Tone Vays posted a video in which he claims that Bitcoin (BTC) has hit its bottom.

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