Prominent crypto critic Jim Cramer has issued a bearish warning, stating that fear could prevent a market rebound before Monday.
His comments align with the latest downturn in the cryptocurrency market, where the total market cap has dropped by 3.3% to $3.298 trillion in the past day.
Bitcoin Below $100K, Altcoins Also Down
Bitcoin fell 2.1% to $96,399, extending its monthly losses to 5.9%. Ethereum, Solana, and XRP also posted declines, fueling investor uncertainty over near-term price action.
Meanwhile, Cramer’s statement sparked debate, particularly from traders who follow the “Inverse Cramer” strategy, which involves doing the opposite of his market calls. A trader argued that Cramer’s bearish call implied that the market bottom was in and encouraged investors to accumulate assets like Bitcoin.
Related: Crypto Market 2025: Analysts Say Bull Cycle May Be Just 100 Days Away
Bitcoin, Altcoin Dip Follow ByBit Hack
Notably, in the last 24 hours, Bitcoin revisited lows of $94,850 after an initial attempt at the $100K mark. The swift turnaround followed a historic hack on the ByBit exchange, where crypto assets worth $1.5 billion were stolen.
The incident reintroduced panic in the crypto market, triggering a sell-off as many moved to withdraw their funds from ByBit.
In response to this panic, Ethereum’s price dipped to $2,616 from $2,850, while XRP crashed to $2.50 from an intraday high of $2.71. Amid this, Cramer tweeted, “Too much fear that Monday will open lower.”
However, savvy market participants view his bearish sentiment for Monday as a promising sign that the market could turn around. Already, the market is rebounding, with Bitcoin trading above $96K at press time.
Bitcoin Nears Massive Short Squeeze
In a related development, Bitcoin is approaching a significant short squeeze, with liquidations nearing $1 billion. If Bitcoin climbs toward the $100,000 mark, short-sellers could face heavy losses, potentially triggering a broader market rally.
Related: Bitcoin on Short Squeeze Watch? Potential $1 Billion Liquidations in Play
Over the past few weeks, traders initially bet on higher prices. However, many have since flipped to short positions due to Bitcoin’s struggle to break resistance.
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