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Famed CNBC anchor Jim Cramer recently took to the X social media network to react to Bitcoin's rapid plunge, warning that the cryptocurrency is now flirting with the "code red" level.
Cramer believes that $73,600 is the critical line of support for the leading cryptocurrency.
Non-stop carnage
Earlier today, the leading cryptocurrency plunged to a new yearly low of $72,185, according to CoinGecko data.
The cryptocurrency market is currently undergoing a severe leverage flush. Over the last 24 hours, the market witnessed a massive capitulation event with total liquidations hitting $861.28 million. Of the $861.28 million totally liquidated in the past day, approximately $677.53 million came from long positions.
The leading cryptocurrency is not on the verge of recording its fifth consecutive month in the red.
The recent plunge opens the door to the $70,000 level that Michael Burry of "The Big Short" fame previously warned would trigger institutional margin calls.
The cryptocurrency could also potentially accelerate the crash toward Peter Brandt's $54,000 target.
In the meantime, Matt Hougan of Bitwise Invest recently stated that the crypto winter was "almost over."
Alex Dovbnya
Denys Serhiichuk
Gamza Khanzadaev