“Big Short” Michael Burry Says Bitcoin Is “Worth Nothing”

Key Takeaways

• Burry says Bitcoin is “worth nothing” and calls the $100K era a speculative mania.
• Peter Schiff amplifies the criticism, calling BTC a “fake asset.”
• Analysts note BTC is showing technical strength despite high-profile skepticism.

Even as BTC recovers modestly after weeks of declines, some well-known skeptics are doubling down on their belief that the asset’s foundations remain weak.

Among the loudest voices resurfacing this week is Michael Burry, whose reputation for calling major market shocks precedes him.

Burry Calls Six-Figure Bitcoin “Absurd”

Burry made his latest comments during a conversation with author Michael Lewis, dismissing the idea that Bitcoin’s six-figure climb reflected anything more than runaway speculation. He argued that Bitcoin’s valuation has drifted far beyond reality and claimed the hype cycle surrounding it rivals — and even surpasses — famous historical bubbles.

The investor, whose story inspired The Big Short, even suggested that BTC’s role in illicit activity worsens its value proposition. His stance is consistent with warnings he issued several years ago, when he described digital assets as a bubble waiting to burst.

Schiff Echoes the Critique With His Own Harsh Take

Another long-time Bitcoin antagonist, Peter Schiff, joined the conversation with renewed criticism. Schiff rejected the view that Bitcoin’s recent slide was part of a standard risk-off environment and instead said the asset is falling because it lacks legitimacy altogether.

He argued that Bitcoin’s supporters misjudge the asset’s shortcomings and predicted that many will continue holding it even as the market turns against them. Schiff mocked celebrations around Bitcoin’s surge above $100K last year, warning that investors may not be prepared for what he sees as a much more painful year ahead.

Market Analysts See Something Different in the Charts

Ironically, while the narrative from critics has grown louder, Bitcoin’s charts have begun showing signs of strength. BTC is now trading around $93,000, gaining roughly 6% in the last 24 hours.

Technical analyst Valdrin Tahiri says recent candles suggest the market could be building momentum. He highlighted the creation of a bullish engulfing candle — a formation often associated with a potential trend shift — and noted that Bitcoin has just printed its first higher low in two months.

According to Tahiri, if BTC breaks above its diagonal resistance line, upside targets sit near $98,100 and $103,500, marking the 0.382 and 0.50 Fibonacci retracement levels. He estimates an additional 8% rise is possible before BTC encounters meaningful resistance.

Short-Term Structure Still Demands Caution

Despite these constructive signals, Tahiri warned that the four-hour chart paints a more delicate picture. Bitcoin is currently trading inside an ascending parallel channel — a structure that often appears during corrective movements rather than sustained bullish trends.

If BTC fails to break out of this formation, he said, the rebound may fade and potentially drag the price back down to retest lower support zones.

A Market Split Between Emotion and Structure

The contrast between high-profile criticism and technical recovery has left traders split: skeptics see a long-term decline fueled by speculative excess, while analysts point to improving short-term structure. As always in crypto, both narratives are developing simultaneously — and the market will decide which one prevails.



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