Glauber Contessoto, the music producer who catapulted to fame after claiming to have amassed a fortune of 69 days trading Dogecoin (CRYPTO: DOGE), shared a series of optimistic takes on the cryptocurrency market on Monday.

What Happened: Contessoto took to X, formerly known as Twitter, to share his thoughts on the market downturn.

"The moment of truth, the final shakeout," Contessoto said in one post.

In another post, the legendary investor stated, "It's crazy how the bull run hasn't even started."

Given the current state of affairs, the optimism seemed a bit overstated. The total market value of all cryptocurrencies shrank nearly 4% in the last 24 hours, with total liquidations surging 53% to a whopping $954 million.

In fact, Dogecoin, the cryptocurrency that Contessoto credits for his millionaire status, tumbled 38% over the month.

Contessoto didn't immediately respond to Benzinga's request for comment on their bullish predictions.

Notably, Contessoto rose to fame for his early belief in Dogecoin, which he claimed helped him go from a struggling music producer to a millionaire in 69 days.

See More: Top 5 Crypto Influencers To Follow In 2023

Why It Matters: Interestingly, cryptocurrency analyst, Ali Martinez, felt that Dogecoin's negative sentiment could pave the way for a rebound.

"Historically, extreme fear has set the stage for major reversals. This could be a prime opportunity to be a contrarian," Martinez emphasized.

Investor sentiment around #Dogecoin $DOGE is at its most negative in over a year.

Historically, extreme fear has set the stage for major reversals. This could be a prime opportunity to be a contrarian!

Trader Tardigrade, another well-known chartist and trader, highlighted $0.143 and $0.128 as potential reversal levels for Dogecoin.

Moreover, about 78% of Binance traders were positioned long on Dogecoin at the time of writing, according to Coinglass, suggesting the possibility of a bullish shift.

Dogecoin Price Action: Dogecoin was trading at $0.1584 at the time of writing, showing a decline of 8.64% in the last 24 hours, according to Benzinga Pro.