James Wynn, formerly known as an intrepid cryptography merchant, is now making the headlines – but this time, for having bet against the market. While many traders feel full of hope after Bitcoin’s rebound over $ 107,000, Wynn says that everything is a configuration for a major crash.
Wynn goes for short
After undergoing a loss of $ 100 million in the jaw on a single Bitcoin business in late May, Wynn has not slowed down or disappeared.
He recently shared that he had opened a large short position on Bitcoin at around $ 108,500, using a 40x lever effect on several exchanges. He says that it helps him avoid the great players he calls “the cabale”.
After achieving more than $ 50 million in profits when Bitcoin fell to $ 100,000 at $ 101,000, it is now back with an even larger short position.
He also warned that Bitcoin has a “completely false pump.” Expect violent red candles to come soon. ” By that, Wynn means that he thinks that the recent increase in prices is not real and that a big decline arrives, the one that could cause panic sales and net losses for those who are not prepared.
What is he doing now?
Wynn himself says he is not a professional and calls for his “game” style. He admits that he does not use appropriate risk management and warns others not to copy it
Although it doesn’t only stick to Bitcoin either. Wynn also bets large on altcoins and tokens even, hoping to catch the next big wave. He even opened a new portfolio and began to exchange both Bitcoin and Pepe, already seeing more than $ 2 million in unrealized profits from these movements
And just like before, he could leave with another huge victory, while others remain the bag.
