Crypto trader James Wayne is building a $70 million short $BTC position, expecting the crypto market to crash as the Iran-Israel conflict escalates.
Controversial crypto trader James Wayne believes the crypto market will go nuclear, and we're headed for World War 3 as the Iran-Israel conflict escalates.
Although he is a long-term bull for Bitcoin and crypto, Wynn believes the market will see a dip first before entering a major bull phase.
Wayne said he was adding more to his short $BTC positions as the price of bitcoin fell another 1.69 percent, heading toward the $103,500 level.
James Wayne Expects Crypto Market Crash
Amid the geopolitical landscape unfolding over the Iran-Israel conflict, there is an emerging debate over Fed rate cuts and market liquidity, with Governor Christopher Waller saying a rate cut is coming as soon as next month.
However, Jerome Powell has not indicated any intention to cut rates during the recent FOMC meeting earlier this week.
However, given the current macro environment and the looming war in the Middle East, James Wynn believes the crypto market will go nuclear.
With Powell refusing to budge, declining retail market participation, lack of liquidity, rising tensions in the Middle East, the overall picture looks critical, he said. In his message on the X platform, Wynn noted:
“If USA gets involved that is a declaration of a world war. In my opinion. Other countries will get involved and side with Iran. Tensions will rise. Markets will nuke. AND THEN we will get rate cuts and mass money printing. Ladies and gents, we are heading into the great reset. Crypto will win. But, lower, before higher”.
Crypto Trader Increases $BTC Short Position
In his message on the X platform, Wen said he would further add to his $70 million short position.
The crypto trader noted: "I think I'm going to add more to my short. There's nothing wrong with doubling down on your belief. That's what got me to where I am today." On-chain data shows that BTC bulls and bears are engaged in a fierce battle at the moment.
With the escalating Iran-Israel conflict, the crypto market faced heavy selling pressure, with the price of Bitcoin falling to $103,500.
Altcoins are experiencing an even bigger correction with Ethereum (ETH) down 4%. As a result, liquidations of the broader market increased to $481 million in the past 24 hours, according to Quinglass data.