COINOTAG News, May 20th: Prominent trader James Wynn has reported a staggering $38.78 million gain over the past two months, primarily attributed to his recent long position in Bitcoin. With an impressive leverage of over 40x and a $568 million position, Wynn disclosed insights that are critical for traders navigating the current market landscape. He noted, “After Bitcoin touched a local low of $74,000, it has been fluctuating within a defined channel.” Despite a notable prediction for a breakout last Sunday, he labeled it a ‘fakeout’, claiming market manipulation played a role in suppressing the price to liquidate overzealous long traders.
Wynn continues to analyze the liquidation heatmaps and asserts that significant downward pressure appears limited. By pushing the price down to $102,200, market actors have likely met their liquidation targets. He emphasizes that $100,000 has fortified its status as a psychological support level, with substantial limit buy orders poised at intervals below this mark. His confidence builds as he notes recent bullish signals on both hourly and weekly charts, reinforcing his belief that Bitcoin is on the verge of a substantial rebound. “By next weekend, Bitcoin could potentially reach approximately $118,000, amidst anticipated fluctuations,” he concluded, urging traders to remain calm and manage their risk appropriately.