Baird market strategist Michael Antonelli declared crypto “irrelevant” this week, joining Peter Schiff, Michael Burry, and Mike McGlone in a growing chorus of bears that historically signals bottoms for Bitcoin (CRYPTO: BTC).

Antonelli: Crypto Became Irrelevant Fast

Antonelli wrote on X that it was “remarkable” how quickly crypto had become “irrelevant,” questioning whether the technology had delivered any meaningful real-world adoption beyond functioning as a payment system.

“No one built a single thing on it that gained widespread adoption,” Antonelli posted.

“Remember when it was going to replace the dollar? Laughable,” he added.

The post drew sharp backlash from Bitcoin supporters. Crypto investor Wendy O responded that traditional financial industry giants are excited about crypto and Bitcoin ETFs, patiently waiting on market structure before expanding further. 

Another user noted crypto’s 10-year compound annual growth rate of 80% to 120% depending on what’s included.

The Bear Hall of Fame

Antonelli joins a distinguished list of prominent bears who called tops at bottoms or dismissed Bitcoin entirely at critical inflection points.

Recently, Peter Schiff questioned at the 2026 Bitcoin conference why Bitcoin kept falling despite Michael Saylor’s buying. 

He noted BTC traded around $109,000 during the 2025 event but had since declined about 30%. Moreover, Schiff asked why Bitcoin should stop falling if Strategy (NASDAQ:MSTR) reaches 5% of supply by next year’s conference.

Meanwhile, Bloomberg strategist Mike McGlone offered the most bearish perspective among major analysts, warning Bitcoin could fall toward $10,000 under deflationary macro conditions.

Michael Burry described Bitcoin as “one of the biggest speculative bubbles in history” in December 2025, comparing it to tulip mania and labeling its valuation “the most ridiculous thing.”

Additionally, Crypto analyst Benjamin Cowen warned in April that a realistic bear scenario involves a roughly 70% decline from a potential peak near $126,000. He described Bitcoin’s recent price action as a “textbook” countertrend rally that could trap late buyers.

The Contrarian Case

Every major bear call from 2015 through 2025 coincided with local or cyclical bottoms. Schiff has been bearish on Bitcoin since $200. 

McGlone called for $10,000 when BTC traded above $60,000. Burry’s “biggest bubble” call came during Q4 2025 when institutions were just beginning to accumulate through ETFs.

Traditional finance giants including Morgan Stanley (NYSE:MS), Charles Schwab, and JP Morgan (NYSE:JPM) are building crypto infrastructure despite public skepticism from executives.

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