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Key Takeaways
- Michael Burry has reignited his criticism of Bitcoin.
- Burry joins other long-time critics such as Peter Schiff.
- Bitcoin is attempting a technical rebound.
Michael Burry, the investor famed for predicting the 2008 financial crisis, has renewed his criticism of Bitcoin, declaring it is “worth nothing” despite its recent rebound.
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Burry Fires at Bitcoin
Burry’s latest comments came during an appearance on Michael Lewis’ Against the Rules podcast , where he argued that Bitcoin’s rise to six-figure territory represents a speculative bubble.
“I think that Bitcoin at $100,000 is the most ridiculous thing,” Burry said.
The investor, portrayed by Christian Bale in the film adaptation of The Big Short, added that the hype around Bitcoin had gone too far.
“It’s worse than a tulip bulb, because this has enabled so much criminal activity to go deep under,” Burry said.
His remarks follow earlier warnings. In 2021, Burry called Bitcoin and other digital assets a “speculative bubble.”
Burry Joins Other Long-Time Bitcoin Critics
The famed investor’s renewed warning places him alongside other outspoken Bitcoin skeptics, including gold advocate Peter Schiff, who has repeatedly argued that the cryptocurrency’s value is driven largely by speculation.
On Nov. 30, Schiff argued that Bitcoin’s most recent decline cannot be dismissed as part of a broader risk-off trend.
“Bitcoin isn’t selling off because it’s a risk asset, but because it’s a fake asset,” he wrote.
Schiff also said his “biggest mistake” with Bitcoin was “overestimating the ability of others to understand why it wouldn’t work.”
“The very people foolish enough to buy it thinking it would work will be foolish enough not to sell it as the market proves me right,” he said.
Like Burry, Schiff mocked the hype that surrounded Bitcoin during its march toward $100,000 last year.
“How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad? 2026 could be far worse,” he said.
Bitcoin Struggles, Attempts a Rebound
Burry’s attack on Bitcoin comes as the asset climbed 6% in the past 24 hours, currently trading at $93,000.
Despite Burry’s skepticism, technical indicators point to a potential near-term rally, according to CCN analyst Valdrin Tahiri.
“Yesterday, Bitcoin’s price created a bullish engulfing candlestick and confirmed its first higher low in two months,” Tahiri said, noting that it is now “attempting to break out from a diagonal resistance trend line.”
If Bitcoin breaks above that level, Tahiri identifies upside targets at $98,100 — the 0.382 Fibonacci retracement — and $103,500, the 0.50 Fibonacci retracement.
“The charts indicate that if Bitcoin’s price breaks out, it can rally by another 8% before hitting resistance,” he added.
However, shorter-term patterns point to caution. On the four-hour chart, Bitcoin is “trading inside an ascending parallel channel,” a structure that “usually contains corrective movements.”
If the bounce is corrective, Tahiri warned, it “will likely lead to a trend reversal and new lows.”
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