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What comes as a surprise to many, prominent analyst and investor Michael Burry posted a tweet on Thursday morning that he was “wrong to say sell”. Earlier, Burry had forecasted that another economic crisis similar to the one that occurred in 2008 will completely flip the markets across all sectors. Burry was one of the few individuals who correctly anticipated the housing and subprime mortgage catastrophe that shook the world in late 2008.
Michael Burry Hints Market Rally?
Market participants are of the opinion that Burry’s latest tweet is supposedly a hint toward a market upswing as he has publicly acknowledged getting it wrong this time. During the market meltdown, the critically acclaimed investor on February 1 tweeted to his 1.4 million followers to “sell” their holdings.
Furthermore, Burry argues that high levels of dip purchasing have changed the current market landscape, as a report from Bloomberg suggests that 2023 is shaping up to be one of the best years for dip-buyers.
Going back to the 1920s, there has been no BTFD generation like you. Congratulations. pic.twitter.com/iAGN0CqmjD
— Cassandra B.C. (@michaeljburry) March 30, 2023
Burry’s Predictions About Inflation
Burry, the founder of Scion Asset Management was portrayed by Christian Bale in the film “The Big Short”, which amassed a cult following on social media due to his foresightedness on impending risks in the financial markets. Earlier this year, he projected that there would be another surge in inflation and added that the United States was already in a recession.
As things currently stand, the price of Bitcoin is exchanging hands at $28,384, which represents a gain of 0.11% over the previous 24 hours in contrast to an increase of 3.59% recorded over the last seven days.
Also Read: U.S. SEC Chief Gary Gensler Seeks Additional Funding To Combat Crypto
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