Due to Bitcoin reaching its peak level while altcoins experience significant price drops, investors have started questioning whether we are in a bull market.

One of the most followed analysts, known as GCR, stated that we are indeed in a bull market. Responding to an account on X that wrote the current market resembles 2022, GCR said:

“My predictions in 2022 were made in the middle of a bear market. The current situation reminds me more of late 2020, when the DeFi summer had sharply ended. There are even some remnants of the summer of 2021. However, one should not rely too heavily on fractals. Every cycle occurs in a different form. We are still in a bull market.”

He made a $10 million bet with Do Kwon

In March 2022, when an X user claimed Terra LUNA was a fraud and bet $1 million with Do Kwon, GCR also got involved. He made a $10 million bet with Do Kwon that within one year (by March 2023), LUNA’s price would fall below $88. When LUNA collapsed in May 2022, GCR, like the other person, won the bet.

GCR also opened millions of dollars worth of short positions on LUNA, multiplying his profits.

During the collapse of FTX (November-December 2022), GCR warned users to withdraw their funds immediately. In November 2021, when Bitcoin was reaching its peak of $69,000, he had also issued warnings about an impending bear market.

Note: This is not investment advice