James Wynn: Fully Leveraged Long Position, Bitcoin to Surge to Near $118,000 Next Weekend

BlockBeats News, May 20th: A well-known trader, James Wynn, who has made a profit of $38.78 million in the past two months, shared that a long position of over 40x leverage in Bitcoin with a $568 million position was opened. James Wynn stated, "Since Bitcoin reached a local low of $74,000, the price has been trading within a channel, only touching the bottom support twice. I predicted this 'breakout' on Sunday, but it turned out to be a fakeout orchestrated by market manipulators. They suppressed the price to liquidate those who FOMOed into long positions."

I have been monitoring the liquidation heatmaps, and from the chart, it seems there is little significance in further downward pressure. By pushing the price down to $102,200, they have achieved their liquidation goal. Additionally, $100,000 has now become a very strong psychological support level. I know there are plenty of limit buy orders waiting to support the price at $99k, $98k, $97k, and so on. I am not sure if whales have enough firepower left to drive the price lower than this; it seems they are somewhat exhausted.

Seeing this, I decided to increase my position and go all-in. At that time, the hourly chart showed a bullish engulfing candlestick pattern engulfing the previous candle. Many 'weak hands' had already been shaken out. Looking at the weekly chart, the MACD has also turned bullish for the first time since November/December last year. Are you telling me we should reverse and break down from this point? I am more inclined to believe this is just short-term noise and volatility, a stage of preparation before Bitcoin's significant rise.

I believe by next weekend, we will see Bitcoin trading around $118,000. Of course, there may still be fluctuations in between, but please stay calm, don't mess up your chips, manage your risks well, and look forward to the arrival of new highs."