American television host Jim Cramer, known for his show “CNBC Mad Money,” has once again shared negative predictions about the cryptocurrency market. This time, he claims to have received a warning from “Larry Williams” stating that the market has not reached its bottom yet.
Cramer’s latest prediction suggests that the market will continue to experience price dips in the coming days and weeks. While there is no guarantee that his prediction will come true, the market has been showing bearish signals with major coins like Bitcoin and Ethereum in the red.
This is not the first time Cramer has expressed pessimism towards cryptocurrencies. In a recent post on X, he implied that Bitcoin would not surpass its current levels when it was priced at around $42,000.
Since then, Bitcoin has surpassed Cramer’s prediction, but it has also faced challenges in the market. Despite the recent launch of a Bitcoin ETF by high-profile institutions like BlackRock, the sentiment towards the digital currency remains negative.
Some experts attribute the recent price drop to Grayscale’s GBTC, but now it seems to be a broader challenge for the entire crypto ecosystem. The market capitalization has dropped from $1.82 trillion to $1.66 trillion, reflecting the overall downturn.
These price drops are a result of various factors, including volatility, earnings season, and macro considerations. Additionally, the strong US dollar is putting selling pressure on Bitcoin, which in turn affects other digital assets.
Currently, Bitcoin is trading at $41,270.72, down by 3.03%, while Ethereum is trading at $2,447.96, down by 3.49% in the past 24 hours. Other altcoins are also facing similar declines, but upcoming events, such as potential rate cuts, may trigger a more positive reaction from these coins.