June 21, 2024

Jim Cramer Crypto Prediction can make or mar market

CNBC Mad Money host Jim Cramer is at it again with his negative crypto predictions as this time around he claims to have received a warning from “Larry Williams” stating that the crypto market is still very far from the bottom.

Jim Cramer Sees More Crypto Price Dips

By this latest prediction, Jim Cramer is suggesting that the crypto market will likely experience more price dips in the coming days and weeks. While there is no assurance that his prediction would be true, the crypto market has generally been demonstrating bearish signals with the prices of many coins including Bitcoin (BTC) and Ethereum (ETH) in the red. 

Markedly, this is the second unenthusiastic prediction the American television host has made in the last few days about cryptocurrencies. Just when Bitcoin was around $42,000, Jim Cramer made a post on X that implied that Bitcoin would not move past its levels at the time.

“checking in with Larry Williams. Major top in Bitcoin… MAJOR,” the CNBC Mad Money host posted at the time.

Since that time, Bitcoin has not gained so much in terms of price but the coin has surpassed Jim Cramer’s prediction. Generally, Bitcoin has been demonstrating some negative sentiments for a digital currency that just had its ETF issued by multiple high-profile institutions including BlackRock. 

Why is Bitcoin Price Plunging?

At first, veteran crypto trader and the CEO of Blockchain Investment Fund and Advisory service Ran Neuner attributed the price drop to the drastic dump of Grayscale’s GBTC. However, it is now a case of a broader crypto market challenge as the ecosystem seems to be generally sunken. 

In the wake of this plunge, the broad market capitalization dropped from around $1.82 trillion to $1.66 trillion. 

These drops in prices are a function of volatility, earnings season, and macro considerations. There is also the challenge of a strong US dollar causing selling pressure on Bitcoin. It is generally known that a bearish movement in BTC prices directly triggers the same movement in other digital assets.

Bitcoin is trading at $41,270.72 down by 3.03% and Ethereum is trading at $2,447.96 down by 3.49% in the past 24 hours. Other altcoins are faced with the same fate but coming events including potential rate cuts are likely to trigger a more promising reaction from these coins.

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