Jim Cramer Expects Bitcoin to Dump to $12,000, Its "Pre-Fiasco" Level

[tokyohd]

CNBC's host of "Mad Money," Jim Cramer, has visited the Squawk Box show to talk about Bitcoin and traditional markets.

The host shared his skepticism regarding Bitcoin reversing and starting to go up. He mentioned that recent appearances of Galaxy Digital's Mike Novogratz and MicroStrategy's CEO Michael Saylor on CNBC earlier this week were "a stand show."

He believes that these two major investors in Bitcoin had to put it up as "they can't let it go down any more," so they took up the role of people who say that this price dump is a norm before BTC skyrockets. This is a normal state of affairs for crypto prices.

Finally, Cramer shared that he believes Bitcoin is going to go down to $12,000, the level where "it was before this whole fiasco began."

Details:
https://u.today/jim-cramer-expects-bitcoin-to-dump-to-12000-its-pre-fiasco-level

What is your comment after reading this article?

[Torque]

I think he is full of shit, as always:

CNBC’s Jim Cramer: Bitcoin Is the Best Insurance Against a Post-Covid ‘Boom’
https://www.cryptoglobe.com/latest/2021/03/cnbcs-jim-cramer-bitcoin-is-the-best-insurance-against-a-post-covid-boom/

"Yeah, I just felt that back at $17[k] seemed like a decent level, and I will buy — like I usually do — as something comes down. It’ll get bigger and bigger and bigger."

“If my boom thesis is true… you are crazy not to have Bitcoin… I don’t care if it is $70,000 right now. I’d be saying the same thing… The boom means Bitcoin.”

[OgNasty]

Finally, Cramer shared that he believes Bitcoin is going to go down to $12,000, the level where "it was before this whole fiasco began."

This checks out.  Things don't always have to be extremely complicated.  In fact, I think it was Einstein would said if you can't explain things simply, you do not understand them well enough.  I think this is as true as ever with the Bitcoin price.  Give a 6-year old a crayon and tell them to finish the pattern of the Bitcoin price.  I can assure you that an entire classroom of children would look at a picture showing the long term trend line and draw that price right down to it.  It's not some crazy mathematical prediction model.  It's really as simple as the fact there was a bubble, and now we're returning to the mean.  No amount of politics and drama effects that.  The liquidations and "market swan" events we're seeing is a result of the price returning to the mean, the price returning to the mean isn't a result of the liquidations...  It was going to happen.  All that's left now is to set the narrative.

[LegendaryK]

Even a broken clock can be right twice per day,
looks like it is finally Cramer turn.

[eaLiTy]

The host shared his skepticism regarding Bitcoin reversing and starting to go up. He mentioned that recent appearances of Galaxy Digital's Mike Novogratz and MicroStrategy's CEO Michael Saylor on CNBC earlier this week were "a stand show."

It is a fact that Mike Novogratz and Michael Saylor along with El Salvador president Nayib Bukele has to showcase a positive frame of mind because they all invested other people's money into BTCitcoin and with the market bleeding to these levels, they need to show their positive mindset to everyone to save face.

That being said, i am not sure how low the market would go but one thing is certain that the price would rally, the only positive aspect is that to wait for the next halving and the price would rally without a shadow of doubt irrespective of how low the price will go.

[pooya87]

CNBC's host of "Mad Money," Jim Cramer

One funny thing about big bitcoin price movements (not just drops but also rises) is that we hear new names that we never heard before in bitcoin circles. Idiots who start predicting the next price and their opinions are spread on the internet as if it matters!

The real question is why does bullshit of a local TV personality even worth repeating in a speculation board?!!

[mk4]

I think bitcoin is going to drop more — but now that Jim Cramer is bearish, I'm now having doubts. I've had so much success counter-trading him lol.