Bitcoin (BTC) has shown significant growth in recent days, reaching a new all-time high. Investor James Wynn has placed a substantial bet on the cryptocurrency with ambitious predictions.
Investor's Bet on Bitcoin
The pseudonymous investor James Wynn has placed a $1.1 billion bet on the decentralized platform HyperLiquid, utilizing 40x leverage. He started this position with $390 million when Bitcoin was trading around $103,000, with an initial liquidation price of $96,600.
Profit Strategy and Predictions
As the price of BTC rose, Wynn continued to increase his position, eventually reaching $1.14 billion after Bitcoin broke through the $111,900 mark. Currently, Wynn holds an unrealized profit of around $14 million. In statements, he noted that BTC is 'dying' to break higher and expects it to reach between $115,000 to $118,000 in the coming days.
Market Post-Record
Following the all-time high, the value of Wynn's bet declined to approximately $800 million. He also took profits by selling $60 million worth of BTC, realizing $1.5 million in profits. He highlights the psychological support level at $100,000 and anticipates fluctuations in the market after reaching the $118,000 to $122,000 range.
James Wynn's bet on Bitcoin illustrates a keen interest in cryptocurrencies and the expectations for their continued growth. With the volatile market environment, investors are exploring opportunities amid new records.
