'Big Short' Micheal Burry spots 2022 vibes in bitcoin crash
The 'Big Short' investor compared the current slide with a one-time past cycle breakdown that saw BTC lose nearly half its value before stabilizing.
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BTC
ETH
USDT
XRP
USDC
SOL
TRX
FIGR_HELOC
DOGE
WBT
USDS
LEO
HYPE
ADA
BTC
ETH
USDT
XRP
USDC
SOL
TRX
FIGR_HELOC
DOGE
WBT
USDS
LEO
HYPE
ADA
BTC
ETH
USDT
XRP
USDC
SOL
TRX
FIGR_HELOC
DOGE
WBT
USDS
LEO
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ADA
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The 'Big Short' investor compared the current slide with a one-time past cycle breakdown that saw BTC lose nearly half its value before stabilizing.
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Bitcoin drops $70,000
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Bitcoin is now approximately 20% below its estimated average production cost, historically a feature of a bear market.
Stifel analysts predict bitcoin could fall to $38,000 using an analogy of the movie "The Curious Case of Benjamin Button" to explain the bearish forecast.
Bitcoin ETFs saw $545 million in daily outflows as BTC neared $70,000, though analysts said most investors were holding positions despite market weakness.
A JPMorgan strategist made a contrarian call, saying bitcoin now looks more appealing than gold after the surge in the yellow metal's price.
Analysts say the move looks driven more by short covering than fresh buying, with spot demand soft and stablecoin balances on exchanges drifting lower.
Bitcoin selling pressure sparked a retreat below the 2021 bull market high, with lower BTC price targets still expected to be hit.