CNBC’s Jim Cramer is at it again with another round of crypto skepticism. This time, he’s channeling “Larry Williams” with a warning: The crypto market’s bottom is out of sight.
From the point of view presented by Cramer’s outlook, recent price slumps that experienced a wide range on platforms such as Bitcoin and Ethereum bring validation to his bearish take. Cramer doubts twice in a week this time, having predicted (incorrectly) a $42k cap.
Multiple factors are suspected culprits behind the crypto tumble: The Grayscale’s GBTC dump, the broader market weakness, and a strong US dollar pressuring for selling. Moreover, the fall of Bitcoin passes onto other altcoins compounding on negative sentiment.
Although the current climate is bleak, possible rate drops in the future could give hope for a market turnaround. Even though some of Cramer’s predictions have not always come true, his recent warning serves as a reminder to everyone involved in crypto about its inherent volatile nature.