"I think we revisit and test those lows," Cramer said on "Squawk Box."
"I am saying that there is no hurry to buy," he said.
Cramer's comments came as stocks plummeted at Wednesday's open, continuing a recent stretch of extreme market volatility as investors wrestle with the economic fallout from the coronavirus.
The Dow rose more than 1,100 points Tuesday to close at 25,018. That snap-back rally followed a more than 2,000 point decline Monday.
As of Tuesday's close, the Dow sat roughly 15% below its all-time high of 29,568.57 on Feb. 12.
The Dow hit its 2018 low of 21,792 on Christmas Eve as Wall Street considered the possibility of an economic slowdown and worried the Federal Reserve might be making a mistake by raising interest rates.
If the Dow returned to its 2018 Christmas Eve low, it would represent a 26% decline from its all-time highs in February and firmly put the 30-stock index into bear market territory.
A bear market is defined by a drop of at least 20% from recent 52-week highs.
He reiterated his calls for investors to be patient before putting cash to work.
"Cash is really king," he said. "This is the first time in this bull market where it's not being facetious. Cash is king."