Just after Bitcoin hit a new all-time high of $112,000, a bold move caught everyone’s attention. James Wynn, a high-profile crypto trader and risk-taker, has opened a massive short-term Bitcoin trade with 40x leverage. With $1.27 million on the line, Wynn is betting that Bitcoin’s price is about to drop.
But does this mean another correction is coming soon?
According to Lookonchain, James Wynn just put 27,522 USDC into Hyperliquid and picked up nearly $4,000 in referral rewards. He then used the money to open a 40x leveraged short on Bitcoin, betting that the price would drop.
With this much leverage, even a small drop could give him big profits, but if Bitcoin rises instead, he could lose it all fast.
Right now, Wynn’s short is worth 11.45 BTC, or about $1.27 million. If Bitcoin climbs past $112,360, his trade will be liquidated. Meanwhile, this risky bet comes as Bitcoin keeps testing $112,000.
While many traders see this level as strong support, Wynn thinks a price drop is near.
Meanwhile, Popular crypto analyst Crypto Jelly shared an hourly Bitcoin chart showing that the world’s top crypto is dipping slightly, but there might be a bounce waiting just around the corner.
In his shared chart, Bitcoin touched a $112,000 level recently but is now drifting around the $110,700 mark. The white line Crypto Jelly drew hints at a possible small drop before a sharp bounce that could push Bitcoin back up near $109,300 and beyond.
As of now, Bitcoin is trading around $110,815, reflecting a jump of 1.5% in the last 24 hours.
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