Mad Money Host Jim Cramer Predicts $12,000 Next For Bitcoin Price

In a recent interview on CNBC’s Squawk Box, CNBC host and former hedge fund manager Jim Cramer delivered a dire crypto warning to investors. He said that bitcoin, which is ranked as the world’s largest cryptocurrency by CoinmarketCap, might drop to a new $12,000 low.

Bitcoin maximalists must take a stand to avert a severe price decline

Cramer stated in the interview that BTC big cheeses need to take a stand as soon as possible to prevent more losses for the coin. He explained that if this occurs, the entire cryptocurrency market might be put in jeopardy. The market is currently facing a very precarious situation.

He continues by saying that the price of the coin might reach $12,000, which is where the whole thing started if measures are not taken to keep it afloat. Cramer repeatedly mentioned that the price of Bitcoin might be prevented from plummeting to such an absurd level if maximalists associated with the coin took a position and ensured that this did not happen.

“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,” Cramer said.

The former hedge fund manager revealed only a week ago that he has a strong faith in Bitcoin and Ethereum, claiming that these two cryptocurrencies are the “most legitimate” digital assets. Cramer also mentioned that he has some cryptocurrency holdings of his own and that he wouldn’t advise anyone else not to have any.

Bitcoin miners in a pickle as hash rates rises

According to Blockchain.com, the overall revenues paid to miners have decreased to their lowest level in nearly a year, and the share prices of listed miners Marathon Digital and Hut 8 Mining have both declined by 41 percent in the last one month.

Mining BTC has gotten more competitive, and mining has increased dramatically, with Bitcoin hash rate reaching an all-time high on June 12th. Bitcoin mining has become more common, making coin production more challenging and requiring more energy.

In a note on Friday, Yuya Hasegawa, a crypto market analyst at Bitbank, cautioned, “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.”