"The charts, as interpreted by Tom DeMark, suggest that bitcoin might take another month to bottom, while the S&P 500 could peak as soon as next week," he said.

DeMark, who said the drop in bitcoin resembles the crash of 1987, projected that the decline could bring the token's value to a floor of $32,000 — or $24,000 in the worst case.

He now thinks that bitcoin will generally hold above the May 19th low, Cramer said.

"If DeMark's right, you could get a chance to buy bitcoin in the not-too-distant future, and I might take it," Cramer said.

As for the S&P 500, which closed at a record for the second-straight day, DeMark's indicator suggests the index could be close to a top, Cramer said?