Famous crypto-analyst foresees Bitcoin correction while Michael Burry bets $1.6 billion on stock market crash

Just when you think August is getting boring, this happens. Although crypto prices and the stock markets are in summer mode, some well-known analysts are taking a contrary position. Dave the Wave’, the well-known crypto analyst who has some 140k followers on X (formerly Twitter), foresees a serious drop of the Bitcoin price.

Legendary investor Michael Burry does one better. The man who got rich betting on a stock market crash in 2008-2009, is now betting some $1.6 billion that another stock market crash is about to start.

Dave The Wave

The well-known crypto analyst Dave the Wave is quite contradictory about the price of Bitcoin in the last few days. He foresees a significant correction of the Bitcoin price based on his model. Dave thinks Bitcoin could drop to about $24,000 by the end of 2023.

In the course of 8 months, #btc price has done a 2x from the bottom to the top of the LGC buyzone.

Would it be such a terrible thing IF price consolidated 38% of that move back to the base over the next few months?

I mean, it would still be in the buyzone for longer-term… pic.twitter.com/nbgB2bgxeE

— dave the wave🌊🌓 (@davthewave) August 14, 2023

According to him, Bitcoin’s 2023 surge took place too fast and a correction to the midpoint of its current price point ($30k) and last year’s low ($15k) needs to happen before we move up again to start the countdown for the next bull run, which he claims will be the 2024 halving.

Michael Burry

Burry, the well-known stock market strategist played by Christian Bale in the Hollywood movie ‘the Big Short’, once bet 90% of his fortune against the US housing market, about two years before it finally collapsed.

Michael Burry, who correctly predicted the 2008 US housing collapse, has just bet “90% of his portfolio” or “$1.6 billion on a Wall Street Crash.”

He sold off good investments all over the world to short US stock markets instead.#Crash #StockMarkethttps://t.co/GtFiFs0Xgg pic.twitter.com/kIvLLNzn1i

— Jason Smith - 上官杰文 (@ShangguanJiewen) August 16, 2023

Apparently, Burry feels the same way this time around and once again put 90% of his assets (some $1.6 billion) into shorts (betting that both the S&P500 and Nasdaq will fall significantly in the coming months). So if the stock market does crash, he will become one of the world’s wealthiest billionaires.

Burry has not yet explained why he is doing this, but it is a strong signal.