With Bitcoin peaking but altcoins experiencing massive price declines, investors have begun to question whether the current period is a bull season.

One of the most followed analysts, a crypto investor known as GCR, stated that there is a bull season. Responding to an account on X that wrote that the current market is similar to 2022, GCR said:

“I made my predictions for 2022 in the middle of a bear season, and the current situation reminds me more of late 2020, when the DeFi summer ended hard. There are even some remnants from the summer of 2021. However, fractals shouldn’t be trusted too much. Every cycle is experienced differently. We are still in the bull season”

He had a $10 million bet with Do Kwon

In March 2022, an X user who said Terra LUNA was a scam, bet Do Kwon $1 million, which prompted GCR to bet Do Kwon $10 million on whether the price of LUNA would fall below $88 a year later (March 2023). When LUNA then collapsed in May 2022, GCR won the bet, as did the other person.

GCR also opened millions of dollars of “short” trades on LUNA and multiplied his profits.

GCR, who warned users when FTX collapsed (November-December 2022) and told them to withdraw their money as soon as possible, also warned that the bear season was coming in November 2021, when Bitcoin peaked at $69,000.