Just after Bitcoin reached a new $ 112,000 summit, a daring move drew everyone’s attention. James Wynn, a high -level crypto merchant and risk lessee, opened a massive short -term bitcoin exchange with a 40x lever effect. With $ 1.27 million on the line, Wynn bets that Bitcoin’s price is about to drop.
But does that mean that another correction is coming soon?
James Wynn Bitcoin short with 40x lever effect
According to Lookonchain, James Wynn has just put 27,522 USDC in the hyperliquidal and picked up nearly $ 4,000 in reference awards. He then used the money to open a 40x short film on Bitcoin, betting that the price would drop.
With this lever effect, even a small drop could give it great benefits, but if Bitcoin increases instead, it could lose everything quickly.
Currently, the short-circuit of Wynn is worth 11.45 BTC, or around 1.27 million dollars. If Bitcoin climbs beyond $ 112,360, his business will be liquidated. Meanwhile, this risky bet comes as Bitcoin continues to test $ 112,000.
While many traders consider this level as a strong support, Wynn thinks that a drop in prices is close.
Bitcoin could dive before the climb
Meanwhile, Crypto Jelly, popular Crypto analyst, shared an hour -long graphic showing that the first crypto in the world plunges slightly, but there could be a rebound that waits just at the corner of the street.
In his shared table, Bitcoin recently affected a level of $ 112,000, but now derives around the $ 110,700 bar. The white line crypto jelly drew clues during a possible little drop before a lively rebound that could push Bitcoin almost $ 109,300 and beyond.
Bitcoin is currently negotiating about $ 110,815, reflecting a jump of 1.5% in the last 24 hours.
