Hero of the “Game of Reduction” predicted the continued fall in the price of bitcoin
Investor Michael Buehry, who predicted the 2007 mortgage crisis, suggested that the current market situation is the middle of a bearish cycle for bitcoin.
The investor, who became the prototype of the character in the movie “Down Game,” believes that the first cryptocurrency may continue to fall.
“Adjusted for inflation in the first half of the year, the S&P 500 was down 25-26%, the Nasdaq was down 34-35%, and bitcoin was down 64-65%. It was a multiple contraction. Then there’s the decline in earnings. So maybe halfway there,” Buehry wrote.
DeFi, a popular Twitter researcher under the pseudonym FatManTerra, commented pessimistically on his post:
“Some things are better left unsaid. I don’t recommend more stories like this for the sake of people, our industry (and your business).”
somethings are better left unsaid. Recommend no more news like these, for the sake of the people, our industry (and your business).
— FatMan (@FatManTerra) June 30, 2022
Regarding Burry’s business, users recalled that the investor specializes in short positions. In October 2021, he became interested in shorting cryptocurrencies.
Bjurri was one of the first to predict the collapse of the U.S. mortgage market. He put all the money of the hedge fund he founded, Scion Capital, against CDO mortgage bonds and managed to profit from the crisis.
In 2015, the American writer and journalist Michael Lewis’s book describing the events of those days was used as the basis for the movie “Lowdown Game. The role of Bury was played by Christian Bale.
Recall, Arcane Research researchers compared the first cryptocurrency’s drawdowns in past market cycles. In their opinion, the potential for bitcoin prices to fall to the $10,350 mark remains.
Strategists at Deutsche Bank believe the cryptocurrency could rise to $28,000 by the end of the year amid a rebound in the Nasdaq 100 and S&P 500 indices.
