Jim Cramer, Crypto Capo Bearish on Crypto: Altcoins to Drop 70%

The crypto industry faces a fresh wave of skepticism from renowned personalities Jim Cramer and Crypto Capo.

While the crypto market is no stranger to volatile swings, the bearish outlook from these financial pundits sends ripples across the crypto community.

Crypto Winter Is Not Over

Jim Cramer, the ex-hedge fund manager and host of CNBC’s Mad Money, continues to voice his bearish stance on crypto.

“I can’t go out with gold because gold is not good; I can’t go out with Bitcoin because I can’t be in something where Mr. Bitcoin is about to go down big,” Cramer stated.

It is unclear if “Mr. Bitcoin” referred to Sam Bankman-Fried due to the ongoing court hearings or the pioneer crypto itself. Nonetheless, Cramer’s pessimistic outlook was palpable.

Such skepticism towards Bitcoin is not new. In June 2021, Cramer disclosed selling most of his Bitcoin holdings post-China’s crypto miner crackdown. He also highlighted structural issues within Bitcoin, predicting a further price decline.

Likewise, Crypto Capo, a reputed cryptocurrency analyst, shared Cramer’s grim perspective, especially on altcoins. According to him, a massive 70% to 80% drop in altcoin prices from current levels is brewing.

Read more: 11 Hot Meme Coins and Altcoins that Trend in 2023

Crypto Capo emphasized that Binance Coin (BNB) seems to be in the worst position amid ongoing regulatory issues. He stressed that the market is on the brink of a massive capitulation event, urging patience as a virtue in these testing times.

“The main move is taking time to occur, there’s no doubt about that. Someone is holding the prices until the bad news hits the market and everything unfolds like a domino effect,” Crypto Capo added.

Bitcoin as a Safe Haven

However, not all financial moguls share this pessimistic outlook. Paul Tudor Jones, a veteran hedge fund manager, endorsed Bitcoin as a robust choice amidst the ongoing geopolitical instability.

His views counterbalance the bearish sentiments, as he appreciates Bitcoin and gold for their historical resilience and sees them as a refuge during challenging political times in the US and escalating geopolitical tensions globally.

“I would love gold and Bitcoin together. I think they probably take on a larger percentage of your portfolio than historically they would because we’re going to go through both a challenging political time here in the United States, and we’re going to go through – we’ve obviously got a geopolitical situation,” Jones said.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

This divergence in perspectives among financial experts illustrates the polarized stance on cryptocurrencies. While Cramer and Crypto Capo alert investors about a potential crypto winter, Paul Tudor Jones holds a torch of optimism in the murky waters of geopolitical unrest.