Dogecoin millionaire suggests Bitcoin’s recent rise ‘might be a bull trap’

Glauber Contessoto, known widely as the “Dogecoin Millionaire” for his massive investment in the meme-inspired cryptocurrency earlier this year, tweeted a word of caution about Bitcoin’s (BTC) recent price surge.

On Oct. 23, Contessoto urged investors to stay cautious. He claimed that “technically speaking we shouldn’t be anywhere near an actual bull run right now.”

The #Bitcoin historically predates all bull runs in the past and the next one isn’t until April 2024. This could merely be a bull trap. Invest accordingly.

Glauber Contessoto

Contessoto took a major risk when he invested over $250,000 in Dogecoin (DOGE) in February, when it was trading around 4-to-5 cents. His bet paid off just two months later in April when he became a dogecoin millionaire on paper as the price surged to around 73 cents.

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Since then, Contessoto has continued to hold and has refused to sell despite dogecoin’s volatility. The now-millionaire even quit his day job at a music company in June to focus on building his “dogecoin millionaire” persona online. He now requests to be paid in Dogecoin for any social media promotions he does with crypto companies.

Bitcoin is trading at over $34,000 as of press time, after seeing an 11 percent increase over the last 24 hours and 20 percent over the last seven days.

CoinMarketCap’s fear and greed index currently stands at 67.5 — with any level exceeding 50 being considered a greed phase that makes a downturn more likely.

Read more: Bitcoin to hit $45k in 2023 as funding rates signal FOMO, Matrixport says