Crypto Trader Gigantic Rebirth Updates His Terra Luna Price Prediction
One of the best traders on crypto Twitter GCR (@GiganticRebirth) is no longer short Terra LUNA, exiting his position at a LUNA price of $2.5.
Shortly before his September 14th tweet, the Terra LUNA price dropped as low as $2.23 on Binance, before bouncing to around $3. Following the strong bounce the Terra price is still down over 30% in the past 24 hours, and has retraced most of its September bull run.
Volatile day in the markets— GCR (@GiganticRebirth) September 14, 2022
Bitcoin sold off heavily with equities on hotter than expected CPI
Heavy sell off in LUNC on news that Terraform CEO Do Kwon faces arrest warrant in South Korea
Update on my positions [ + fully out of my modest LUNA 2.0 short for now, ~$2.5] pic.twitter.com/UboP3YX7MF
GCR’s New Terra LUNA Price Prediction?
GCR has not posted that he is now long Terra LUNA, or even holding a spot position.
Given his history we can expect he still does not have any bullish LUNA price predictions and simply expected a short term LUNA price rally, so closed his leveraged trade.
GCR is known for shorting the original Terra LUNA earlier this year before and during its collapse, predicting it would crash due to competition from other algorithmic stablecoins, and being ‘trash’.
Gigantic Rebirth won a $10 million bet versus Do Kwon on the LUNA price dropping, originally suggested by Algod (@AlgodTrading) in March, another crypto trader who at the time branded LUNA a ‘ponzi scheme’.
Last week when another of the top crypto traders on Twitter @lightcrypto posted a bearish Terra LUNA price prediction – tweeting that ‘the LUNA burn trade is about to implode‘ – GCR replied with a Hillary Clinton tweet: ‘that’s right, zero‘.
GCR’s Terra Classic Price Prediction (LUNC)
Gigantic Rebirth still holds a bearish Terra LUNA Classic price prediction – again calling it ‘trash’ on his other Twitter account @GCRClassic.
In today’s tweet Gigantic Rebirth revealed his LUNC short position is up almost $4.4 million in unrealized PnL. He opened that short at a LUNC price of $0.00042 on September 9th, posting ‘by my hand LUNA will die, again‘.
That was an ironic reference to former Terraform Labs CEO Do Kwon’s March tweet ‘by my hand, DAI will die’.
By my hand $LUNA1.0 will die.— GCR (@GCRClassic) September 9, 2022
News broke this week that South Korean prosecutors have issued a warrant for Do Kwon’s arrest, causing both the LUNA and LUNC price to sell off further.
Gigantic Rebirth’s Bitcoin Price Prediction
Gigantic Rebirth is margin long on the Bitcoin price however – which offers some hopium for Terra LUNA or LUNC holders. If Bitcoin rallies to the upside, the Terra crypto coins could also see a relief rally.
Also see our latest Terra LUNA Classic price prediction post here at Crypto News for some potential bullish cases for LUNC and the latest news on the LUNC burn.
For now however neither LUNA or LUNC are featured on our list of the 12 best cryptocurrency tokens to buy in 2022, heading into Q4.