COINOTAG News, May 20: Renowned trader James Wynn reported an astonishing profit of $38.78 million over the past two months, primarily due to his recent long position in Bitcoin. With an impressive leverage of over 40 times and a position size of $568 million, Wynn disclosed critical insights for traders on how to navigate the current market landscape. He noted, "After Bitcoin hit a local low of $74,000, it has been fluctuating within a defined channel." Although he predicted a breakout for Bitcoin last Sunday, he referred to it as a "false breakout," claiming that market manipulation played a role in driving prices down to liquidate overly enthusiastic long traders.
Wynn continued to analyze the liquidation heatmap and asserted that significant downward pressure seems limited. By pushing the price down to $102,200, market participants may have reached their liquidation targets. He emphasized that $100,000 has solidified its position as a psychological support level, with a substantial number of limit buy orders intermittently appearing below this level. He noted recent bullish signals on the hourly and weekly charts, which bolstered his confidence and reinforced his belief in a significant rebound for Bitcoin. "By next weekend, amid anticipated volatility, Bitcoin could reach around $118,000," he concluded, urging traders to remain calm and manage risk appropriately.
