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The ‘Burry scenario,’ warning issued by analyst and cryptocurrency trader Alex Kruger about a possible Bitcoin correction and price drop below the $24 000 level, is critical for the cryptocurrency market.
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Alex Kruger Warns About A Possible Bitcoin Correction
Krüger informs his 87,500 followers in a fresh tweet that yesterday’s fall below $30,000 was meant to shake away weak hands and capture bears.
“The $BTC scenario presented by Burry is plausible. That is one of the reasons why holders and funds have been selling so much and stablecoin balances on the sidelines have become so big. Take a look at the market; it’s pretty much dead. Yesterday turned out to be an easy short squeeze.”
The $BTC scenario Burry presents can happen. That's one of the reasons holders & funds have been selling so much and stablecoin balances on the sidelines are so large. Look at the market, it is rather dead. Yesterday ended up as a simple short squeeze. https://t.co/34ky7GP5u1
— Alex Krüger (@krugermacro) June 24, 2021
Kruger describes the present market as “very lifeless,” pointing out that holders and funds have been selling a lot, while steady coin purchases are increasing. He also mentions that the trading day on June 23 finished with a straightforward short squeeze, implying that the market would continue to fall.
Allow Yourself To Be Pushed To The Ground
However, for a severe breakdown and additional collapse, Bitcoin must be bullied up and longs levered up, which is contradictory.
Kruger mentions the scenario on the digital asset market in September 2019 and November 2018 as examples of support breakdown times.
In both situations, money continued to come into the market for an extended period of time; funding was previously extremely favorable, but it is now routinely negative.
In 2019, the support level breakdown was preceded by a protracted period of very high financing and a bull trap caused by a 9% swing higher. In the two months leading up to the decline, the support level of $9100-9000 has been retested several times.
The market’s collapse in 2018 was preceded by two weeks of positive fundraising. The first support level of $5700 had been retested several times nine months before the breakdown, which was driven by fundamental causes.
According to Kruger, the asset movement into the market in 2021 has decreased since May 19. For one month, initial support at the $300,000-29000 level has been under attack.
“ Bulls are scared and hedged.”