Trader James Wynn Gains $38.78 Million on Bitcoin Long Position

Prominent trader James Wynn has reported a significant gain of $38.78 million over the past two months, largely due to his substantial long position in Bitcoin. Wynn's position, leveraged at over 40x and valued at $568 million, has drawn attention to his market insights. He observed that after Bitcoin reached a local low of $74,000, it has been trading within a defined channel. Despite predicting a breakout last Sunday, Wynn labeled it a 'fakeout,' suggesting that market manipulation was used to suppress the price and liquidate overzealous long traders.

Wynn's analysis of liquidation heatmaps indicates that significant downward pressure on Bitcoin's price appears to be limited. By pushing the price down to $102,200, market actors have likely achieved their liquidation targets. Wynn emphasizes that $100,000 has become a psychological support level, with substantial limit buy orders placed at intervals below this mark. Recent bullish signals on both hourly and weekly charts further support his belief that Bitcoin is poised for a substantial rebound. Wynn predicts that by next weekend, Bitcoin could potentially reach approximately $118,000, despite anticipated fluctuations. He advises traders to remain calm and manage their risk appropriately.