It is a known fact that the crypto market follows the footsteps of the stock market because whenever the stock market falls, the crypto market also falls and vice versa.
Now, the crypto analyst who accurately predicted the 2008 housing market crash is now alerting traders to the massive stock market crash.
Michael Bury recently reported that he has dumped all his stock indicating that a crash is imminent. On August 31, he also tweeted an S&P 500 chart, which showed a 18% drop from the December 2021 high.
Bari warns of another crypto market correction
Earlier in June 2021, Buri had stressed through his Twitter post that traders should be aware and not get bogged down by the Fear of Missing Out (FOMO) as it would make the situation worse.
He issued a warning, noting that the problem with cryptocurrencies is the reckless lending used to fund certain currencies and that a price crisis could potentially trigger another, massive collapse.
Meanwhile, another analyst known as Jeremy Grantmis believes that the latest rally in the stock market is nothing but a bear rally. He also believes that rising asset prices and the Federal Reserve’s fiscal measures will pave the way for another biggest market correction.
Predicting the future accurately is challenging, but it appears that Bari has a history of providing accurate forecasts that often appear accurate in the long run. While the crypto market is known for its volatility, traders should plan their trading carefully.