Another Massive Bear Market For Crypto? Here Is What Michael Burry Predicts

It’s a known fact that the Crypto market follows the footsteps of the stock market as whenever the stock market collapses, the crypto market drops and vice versa.

Now, the crypto analyst who had accurately predicted the 2008 housing market crash, is now alerting traders against the massive crash that is expected in the stock market.

Michael Burry Michael Burry   Michael Burry is the US-based investor associated with "The Big Short" and is known for predicting the 2008 financial crisis. As the architect of Scion Asset Management, he has shifted focus towards emerging markets, including blockchain and digital assets.    He is uncertain about Bitcoin's growth due to its speculative characteristics and possible opposition from governments. Burry still keeps an eye on the markets, and in March 2021, he accurately forecasted that “Bitcoin was a speculative bubble presenting more risk than benefit.”   Quick Facts   Full name Michael James Burry Birth 19-06-1971, San Jose, California, United States Nationality American Education University of California, Los Angeles Known for Investor   Michael Burry - Career Highlights   2000 – Established Scion Capital, realizing substantial gains.   2020 – Warned of possible speculative bubbles in cryptocurrency and equities.   2022 – Acknowledged the significance of blockchain in DeFi.   2023 – Examined digital assets as a different investment type.   EntrepreneurInvestorManagement , recently reported that he has dumped all of his stocks which is indicating that the crash is around the corner. On August 31, he also Tweeted an S&P 500 chart depicting that there is a drop of 18% from its December 2021 heights.

Burry Warns Another Crypto Market Correction

Earlier back in June 2021, Burry had asserted through his twitter post that the traders should be aware and not to get influenced by fear of missing out (FOMO) as this will worsen the situation even more.

He issued a warning, noting that the problem with cryptocurrency is the careless borrowing used to fund some currencies and that a price crisis could possibly trigger one more, a massive collapse.

Meanwhile, another analyst Jeremy Granthamis of the opinion that the latest stock market rally is nothing but a bear market rally. He also believes that the increasing asset price and Federal Reserve’s financial measures will pave the way for another biggest market correction.

It is challenging to forecast the future precisely, but Burry seems to have a history of providing exact forecasts that frequently appear accurate in the long run. While the crypto market is known for its volatility, traders should plan their trading cautiously.