Shortly after Bitcoin had hit a new all -time $ 112,000, a bold movement caught the attention of everyone. James Wynn, a high-profile crypto trader and risk maker, has opened a huge Bitcoin trade in the short term with 40x leverage. With $ 1.27 million on the line, Wynn bets that the price of Bitcoin is about to fall.
But does this mean that there will be a correction soon?
James Wynn Korte Bitcoin with 40x leverage
According to Lookonchain, James Wynn Net stopped 27,522 USDC in Hyperliquid and picked up nearly $ 4,000 in referral rewards. He then used the money to open a 40x head deficiency on Bitcoin, bet the price would fall.
With so much leverage, even a small drop can give him a big profit, but if Bitcoin rises instead, he could lose it all quickly.
Wynn’s Short is currently worth 11.45 BTC, or around $ 1.27 million. If Bitcoin climbs past $ 112,360, his trade is liquidated. In the meantime, this risky bet as Bitcoin continues to test $ 112,000.
Although many traders see this level as a strong support, Wynn thinks that a price fall is close by.
Bitcoin could dive before rising
Meanwhile, popular crypto analyst Crypto Jelly shared A Bitcoin graph per hour that shows that the world’s top crypto immerses a bit, but there might be a leap around the corner.
In his shared graph, Bitcoin recently hit a level of $ 112,000, but now floats around $ 110,700. The Crypto Jelly of the White Line pulled hints on a possible small drop for a sharp jump that could push Bitcoin back near $ 109,300 and beyond.
From now on, Bitcoin trades around $ 110,815 and reflects a jump of 1.5% in the last 24 hours.