Gamza Khanzadaev
Big short Michael Burry’s bearish stance was crushed by the buy the dip generation
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Celebrity investor and real-life prototype of Christian Bale’s character in The Big Short, Michael Burry, made a surprising statement on his Twitter account, admitting his call to sell earlier in February was false. As Burry explains in his next tweet, markets haven’t seen such a buy the dip generation since the 1920s.
I was wrong to say sell. — Cassandra BC (@michaeljburry) March 30, 2023
To illustrate his point, the analyst cites a chart from the Bloomberg terminal showing the average return of the S&P 500 after a day-to-year decline. As can be seen from the chart, 2023 is already the second-best year for the dip-buying strategy, currently behind only 2020. “Congratulations,” Burry concludes his admission.
Michael Burry and cryptocurrencies
If Burry’s call in early February was greeted by the crypto market with a surge of more than 2%, prompting the analyst to delete his Twitter account, the reaction this time is less enthusiastic. It would be quite ironic if, after Michael Burry, a well-known financial market skeptic, was turned into a bull, the market turned bearish again.
Currently, Bitcoin (BTC) continues to trade near its local high, which is in a range above $28,000 today. The dominance of the market’s top cryptocurrency is also at this year’s high at 47.8%. The eyes of many crypto market participants are now locked squarely on these two charts, waiting for liquidity to flow into altcoins and full-fledged alt season to begin.
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