Trader James Wynn Earns $38.78 Million Profit From Bitcoin Investment

James Wynn, a prominent trader, has recently made headlines by sharing his significant investment in Bitcoin. Over the past two months, Wynn has amassed a profit of $38.78 million. He revealed that he has taken a fully leveraged long position in Bitcoin, with a leverage of over 40x and a position size of $568 million. Wynn's strategy is based on his analysis of Bitcoin's price movements and market dynamics.

Wynn noted that since Bitcoin reached a local low of $74,000, the price has been trading within a specific channel, touching the bottom support only twice. He predicted a breakout on Sunday, but it turned out to be a fakeout orchestrated by market manipulators who suppressed the price to liquidate long positions. According to Wynn, the manipulators achieved their goal by pushing the price down to $102,200, making $100,000 a strong psychological support level. He observed that there are numerous limit buy orders waiting to support the price at various levels below $100,000, indicating that the whales may be exhausted and unable to drive the price lower.

Given this analysis, Wynn decided to increase his position and go all-in. He noted that the hourly chart showed a bullish engulfing candlestick pattern, which is a positive sign. Additionally, the weekly chart's MACD has turned bullish for the first time since November/December last year, further supporting his bullish outlook. Wynn believes that the recent fluctuations are short-term noise and volatility, preparing for Bitcoin's significant rise.

Wynn's forecast is that by next weekend, Bitcoin will be trading around $118,000. He advises investors to stay calm, manage their risks well, and look forward to the arrival of new highs. Wynn's confident stance and significant investment in Bitcoin have garnered attention, reflecting his belief in the cryptocurrency's potential for substantial growth in the near future.