Michael Burry predicts Bitcoin will follow this pattern, has BTC bottomed out?

Bitcoin showed high volatility over the weekend. The leading cryptocurrency by market cap has lost two critical support points and is trading at $34,312 at the time of writing, down 5.3% on the daily chart. BTC is in a bearish trend on the daily chart. Source: BTCUSD Tradingview Legendary former hedge fund manager Michael Burry is back on social media. He made some predictions about the markets on his Twitter account. Many of them are pessimistic and it could be bad news for investors with long positions. Burry is known for predicting the collapse of the mortgage market. His fund, Scion Asset Management, made huge profits by shorting this market in the mid to late 2000s. In his latest tweet, Burry compared Bitcoin to NFL player Troy Polamalu. Jokingly, Burry asked his followers what the cryptocurrency has in common with Polamalu and shared the chart below. Source: Michael Burry Here former hedge manager predicts that BTC price will follow the Head and Shoulders pattern. This chart is usually presented as a basis with three vertices. This pattern indicates a reversal from an uptrend to a downtrend. Many responded to Burry for this guess, some thinking it was true, and others trying to refute it. One trader said: “It looks like we're going to -$5000 on a negative scale. Fair". Burry was highly critical of the large number of investors who allegedly held leveraged positions in the crypto market. He now bets against profitable companies in the traditional market alongside Bitcoin and other cryptocurrencies. When crypto drops from Trillions or meme stocks drop from tens of Billions, #MainStreet losses will approach the size of countries (…). If you don't know how much leverage there is in crypto, don't you know about Crypto Bitcoin Outlook Soon, Rebound Arrivals? Bitcoin should stay above $33,500 or risk further declines to the $20,000 area. Analyst Ali Ma

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