Cramer argued that bitcoin never had a downside retracement of more than 50% on a closing basis since 2020 – until a few months ago.
“According to DeMark, when you get a decline this ugly … it often does structural damage to the asset in question,” he said. “If you’re thinking long-term, DeMark says that it could take many years for bitcoin to come near its old highs, maybe even decades. It’s possible we’ll never see them again,” he added.
However, that doesn’t mean bitcoin can’t bounce, according to Cramer.
