In a new interview on CNBC’s Squawk Box, the CNBC host and ex hedge fund manager Jim Cramer, issued a severe crypto warning to investors, predicting that the world’s largest cryptocurrency according to CoinmarketCap could plunge to a new $12,000 low.
Bitcoin maximalists must take a stand to prevent a critical price drop
Cramer in the interview asserted that Bitcoin top guns must take a stand soon so the coin doesn’t plunge further because if it does, that could be very dangerous for the entire crypto market. The industry is already in a very dire situation.
He goes on to say the coin could touch $12,000 which is where the whole thing began if steps are not taken to keep it afloat. Cramer continuously noted that BTC dropping to such a ridiculous price could be averted if the coin’s maximalists take a stand and see to it.
I think the people who are involved in Bitcoin have 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.
Just last week, the former hedge fund manager made it known that he’s a big believer in BTC and ETH, stating that they are the “most legitimate” digital assets. Cramer also noted that he owns crypto and wouldn’t advise anyone not to own some.
Bitcoin miners embattled as hashrate skyrockets
According to Blockchain.com, The total revenues paid to miners have fallen to their lowest level in nearly a year and the share prices of listed miners Marathon Digital and Hut 8 Mining have both fallen 41% in the last one month.
Mining Bitcoin has become more competitive and mining has gone up significantly, with Bitcoin hash rate hitting an all-time high on 12 June. Widespread Bitcoin mining has made production of coins difficult and more energy required.
Yuya Hasegawa, crypto market analyst at bitbank, warned in a note on Friday,
If the current situation continues, miners will likely sell their Bitcoins when the price rebounds, which will slow down the pace of price recovery and could put Bitcoin in a range-bound move for a while.
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Expert Sees Fed Reversing Interest Rate Hikes, How Will It Affect Crypto?
- New Bullish Cycle Likely After Bitcoin Reaches This Level, Stats Show
- Cardano (ADA) Sees Big Drop In Interest, But Is Likely Primed For A Rally
- Digital Asset Investment Products Saw Net Outflows of USD 423 Million Last Week, Sell on Rise?
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000