Bitcoin price continues to trade in red while trying hard not to fall below the $20,000 crucial support level. In the last 24 hours, the king coin is trading in the range of $20,400 and $21,240. The coin has lost more than 29 percent of its value in the last seven days.
The top 10 cryptocurrencies and the majority of the altcoins have followed suit and are all trading in the red. According to Coincodex, the worldwide crypto market cap is $885.65 billion, down 1.50 percent from the previous day.
Jim Cramer, the host of CNBC’s “Mad Money,” stopped by the Squawk Box show to discuss Bitcoin and traditional markets. The host expressed his pessimism about the Bitcoin price reversal and its rise. He called Galaxy Digital’s Mike Novogratz and MicroStrategy’s CEO Michael Saylor’s recent appearances on CNBC earlier this week “a stand show.”
Is $12,000 the ultimatum?
He feels that these two significant Bitcoin investors had no choice but to put it up because “they can’t let it go down any longer,” so they acted as if this price drop was the norm before BTC skyrocketed. This is a common occurrence in cryptocurrency pricing. Finally, Cramer predicted that Bitcoin will drop below $12,000, the amount at which it was “before this whole fiasco began.”
The host of “Mad Money” reiterated that Bitcoin “truly isn’t anything,” mocking Joe Kernen’s claim that it is a symbol for embryonic blockchain technology.
Cramer in his previous interviews indicated that Bitcoin and Ethereum are “the most legitimate” cryptocurrencies and that individuals should be permitted to invest in them as long as they are not considered risk-free assets.