Michael Burry is well-known as “The Big short” for his prediction of the financial crisis of 2008. During that time, he made billions of dollars and created a reputation for himself. So, it was a big deal when he called Bitcoin a bubble, and his predictions became more critical after the market crash. However, as the price of Bitcoin recovered, Michael Burry made a tweet where he admits that his sell Bitcoin call was a mistake.
In his latest tweet, Michael wrote that ‘I was wrong to say sell’, which is a pleasant surprise considering he has a reputation for finding bubbles in the market. He explained in his following tweets that the market had not seen a “but the dip” generation like this for the past century. This was something he didn’t predict.
He then also stated that if we look at the chart, 2023 has been a great year for buying the dip. In fact, it is only second to 2020 when the stock markets crashed because of COVID-19. So, those who were able to get Bitcoin at a much cheaper rate are already sitting on hefty profits. Michael finally congratulated everyone who made the right decision.
In the past, Michael even deleted his Twitter account when the crypto market rose after his bearish predictions. However, this time he didn’t take it to heart and accepted that he was wrong. It will be interesting to see if “The big short” becomes a crypto bull. However, an important point to note here is that Michael Burry never said that he is bullish from here.
What can we expect from the crypto market from here?
Bitcoin briefly touched $29k recently before falling back to $28k. The pace at which cryptocurrency has risen in 2023 is phenomenal. In fact, it has been one of the best years starts for Bitcoin till now. However, it is quite possible that this was a fakeout as many analysts are expecting that Bitcoin will touch $30k-$31k before falling back again. Though, as a crypto bull, I do not want this to happen, it could be a very plausible scenario. We might be due for a correction soon.
What are your thoughts as Michael Burry admits his sell Bitcoin call was a mistake? And do you think that this means he has now become a bull? Let us know in the comments below. And if you found our content informative, share it with your family and friends.