Bitcoin will crash to $12,000, its “pre-failure” level, according to Jim Cramer

• CNBC’s “Mad Money” host Jim Cramer says Bitcoin is more likely to fall than a bounce.
• Tone Vays thinks Bitcoin (BTC) has touched bottom in a June 14 video.
• The bear market has dropped 70% of its value since peaking in November at $69,000.

Jim Cramer, Bitcoin is more likely to fall than a bounce in the immediate term. The host of CNBC’s “Mad Money” show reaffirmed his gloomy perspective on the benchmark cryptocurrency, arguing that it’s time for the industry to acknowledge that BTC is due for a significant drop.

Read More: Jim Cramer predicts Bitcoin will fall below $12,000

According to a well-known investor, Bitcoin will most certainly fall to pre-fiasco lows of $12,000.

The host of CNBC’s “Squawk Box,” Joe Kernen, had invited Jim Cramer to the broadcast to discuss Bitcoin and traditional markets. Kernen questioned Cramer on Bitcoin’s recent price decline and the currency’s probable future. When asked whether Bitcoin would decline by 50% or 100%, Kernen replied, “I think it goes to 12,000.”

“I think it goes to $12,000, where it was before this whole fiasco began,” says @jimcramer on #bitcoin $BTC. pic.twitter.com/7LpOV44z6k

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— Squawk Box (@SquawkCNBC) June 17, 2022

Cramer also stated the people behind Bitcoin had 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.”

Last week, Cramer called Bitcoin and Ethereum the most reputable cryptocurrency. The financial guru said individuals can invest in them as long as they’re not risk-free.

BTC is down 3% in 24 hours, at $20,600. The bear market has dropped 70% of its value since peaking in November at $69,000. Tone Vays thinks Bitcoin (BTC) has touched bottom in a June 14 video.

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