Having squandered his fortune trading cryptocurrency derivatives, trader James Wynn has finally made a killing thanks to the fall in the Bitcoin price.
The short position I opened [on BTC futures] made me an eight-figure profit because I correctly predicted that the coin’s price would decline from $120,000 to the first target at $92,000.
I went against the crowd. This is your [Bitcoin»The prerogative of maximalist Fred Krueger is also the prerogative of most cryptocurrency bloggers, including Mike Alfred and Grant Cardone. You move like a herd of animals, acting together as if you were one,» Wynn wrote.
According to James, he pocketed at least $10 million by opening a short position on the futures market at the right time. However, he hasn’t provided any confirmation of his success, so the trader’s statement shouldn’t be taken completely at face value. Nevertheless, Wynn isn’t being disingenuous when he says he long ago predicted a decline in Bitcoin’s price, while many analysts, on the contrary, predicted a rise in the coin’s price.
Wynn believes the bearish trend will continue in the BTC market until kriptovalyuta won’t fall to $40,000-50,000. In this case, the digital asset’s price will fall approximately threefold from its peak of $126,272. James wants to take advantage of the situation to increase his capital on short positions and buy more bitcoin at the bottom. In his opinion, BTC will be worth $1 million in 10 years at the most, so the trader is not burying it. Bitcoin and is just trying to make some extra money.
BTC Price Drop According to Wynn’s Forecast