Key Takeaways
What influences Wynn’s bets?
The market’s recent recovery from the crash may have prompted the decision to go long on Bitcoin, PEPE and HYPE as ‘buy dip’ talk resurfaces.
Will the bets pay off?
If the broader market maintains this week’s strength, Wynn could be paid handsomely, with entry points discounted.
The cryptocurrency market has been fluctuating since the beginning of the week. Traders are slowly changing their bias days after the crash, which they saw as the start of a bullish quarter.
James Wynn, a well-known investor in Hyperliquid DEX, has returned with a new bet Bitcoin [BTC], Pepe [PEPE]And Hyperfluid [HYPE].
James Wynn is back on Hyperliquid
According to data from Lookonchain, James Wynn added approximately $197,000 in USDC to his $2,818 reward to open several leveraged positions.
He took a long position on Bitcoin with 40x leverage, while PEPE and HYPE each had a long position with 10x leverage. In total, his total long position in the three cryptocurrencies amounted to approximately $4.85 million.
These aggressive bets followed a wave of liquidations on the DEX platform. Although the leverage seemed unusually high, Wynn’s bold strategy seemed to boost traders’ confidence.
Source: Lookonchain
With Wynn sticking to these desires, what can be expected for these cryptos?
What’s next for BTC?
Bitcoin’s MVRV Extreme Deviation Pricing Bands Revealed Potential Price Targets in Both Directions. At the time of writing, BTC was trading around $112,000.
To maintain the bullish momentum from earlier this week, Bitcoin needs to regain the $119,000 level. If successful, it could pave the way for a move towards $141,000 or higher.
Source: Ali Charts/X
Otherwise, a correction could take place, potentially pushing the price below $100,000, a level we saw in April. Specifically, BTC could reach $96.5K, which coincided with the average deviation price.
PEPE sees a 360% gain
The PEPE trade seemed a relatively safer bet.
The memecoin was trading near levels that had previously delivered over 360% gains during the Q4 2024 bull run, making the $0.000030 range a reasonable target.
Although the price volume trend showed signs of buyer momentum, the price of PEPE has been moving sideways since May.
Long positions placed below the yearly low were wiped out, trapping sellers, a classic setup that often leads to bullish reversals.
Source: TradingView
Cumulative long liquidation leverage was $9 million, slightly higher than shorts at $8 million.
The slow movement of PEPE since May raised concerns. Still, the daily candles had yet to close below the key support level in the $0.00000600 zone.
Will HYPE respect the double meaning?
Finally, HYPE also showed signs of a bullish reversal. The altcoin stabilized around $38 at the time of writing, with a double bottom pattern in formation.
However, HYPE struggled to break above $40. The leveraged orders at $38 and below suggested another decline was looming, with the largest positions at $37.
Source: CoinGlass
A breakout could see HYPE revise its ATH of $59.
Overall, market sentiment gradually changed, but the bets still seemed premature. The cryptocurrencies still gave bearish sentiments that had yet to be overcome.