Gareth Soloway, a self-described "Master Trader" with a 140,000-strong YouTube following, doubled down on his previous short position on Bitcoin BTC/USD, much to the amusement of Bitcoin fans on social media.
What Happened: Wondering if he will "get rekt," to invoke a popular crypto slang term for losing your trading bank, Soloway announced he is now into his short with a full position:
With his average entry around $56,000, Soloway is already significantly underwater, considering Bitcoin has blasted past the $60,000 mark off the back of record ETF inflows.
Bitcoin proponents alternated between disbelief and amusement over Soloway's contrarian position.
"The worst trading advice ever," said Bitcoin trader Fred Krueger, who was convinced shorting into "massive strength" of what he calls "the Omega Bull" is a recipe for disaster.
Cryptocurrency influencer Cobie quipped "men will make a single bad trade their whole identity instead of going to the gym or seeing a therapist."
Erik Cason, a self-proclaimed "crypto anarchist," poured one out for Soloway with a "RIP."
Why It Matters: Soloway, who has a history of being bearish on Bitcoin, speculated about a Bitcoin flash crash when it was trading at $28,000 and mused about Bitcoin hitting $12,000 in fall 2022.
He is what Bitcoin bulls deride as a "perma bear," a trader who is constantly bearish on Bitcoin, no matter the circumstances.
While not publicly known for trading Bitcoin, Peter Schiff would be another example of a "perma bear."
Soloway may well need an exit strategy, as mid-February predictions from Bitcoin bulls calling for a pre-halving all-time high are looking more likely by the day.
The king of cryptocurrencies has already hit all-time highs in several currencies and is trading only 10% off its 2021 dollar high.
Price Action: At the time of writing, Bitcoin was trading at $62,600, up about 2.0% over the past 24 hours, according to Benzinga Pro.
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