It’s a known fact that Crypto market follows the footsteps of stock market as whenever the stock market collapses, the crypto market too 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, 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 a 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 known as 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.
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Source: https://coinpedia.org/news/another-massive-bear-market-for-crypto-here-is-what-m-burry-predicts/