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06/22 01:45

Is Bitcoin Crash Coming Next Week? James Wynn's $7

Is Bitcoin Crash Coming Next Week? James Wynn's $70M Short Position Says So

James Wynn Is Betting Big on a Bitcoin Crash: Veteran trader James Wynn is holding a $70 million short position in Bitcoin, citing global tensions and economic uncertainty.

Cryptocurrency on the Brink: Over $481M in Liquidations and Falling Prices Signal Volatility, as Wynn Predicts Deep Slump Before a Major Bounce

With Bitcoin hovering around $103,500, renowned crypto trader James Wynn has made a bold prediction: the crypto market is about to crash.

 Wynn, who is short $70 million in Bitcoin, warned on X (formerly Twitter) that rising tensions between Iran and Israel could trigger a global crisis — possibly even World War III — if the U.S. intervenes.

“If the U.S. intervenes, it would be a declaration of world war. Markets would explode,” Wynn wrote.

Cryptocurrency on the brink

The crypto market is already under pressure. More than $481 million worth of trades have been liquidated in the past 24 hours, according to Coinglass.

Bitcoin is down 2%, now trading at around $103,896.

Ethereum (ETH) is down more than 4.5%.

Wynn says the weakness is due to a combination of global tensions, low liquidity, and waning investor confidence.

 ‘Lower, then higher,’ says Wynn

Despite the panic, Wynn remains confident that the cryptocurrency will recover, but only after a significant drop.

He believes that the Federal Reserve’s upcoming interest rate cuts and money printing will push the cryptocurrency into another bull run later this year.

“Crypto will win. But first lower, then higher,” he said.

For now, however, he is doubling down on his bearish bet, adding $70 million to his short position.

Investors are divided

Wynn’s decision has sparked considerable controversy. Some see it as a smart hedge in uncertain times, while others believe it may not work if the market recovers quickly.

Meanwhile, the Federal Reserve is sending mixed signals, with one official hinting at a rate cut by July and Fed Chairman Jerome Powell advising caution. 

Turning Point for Cryptocurrencies?

With global tensions rising and large-scale cryptocurrency liquidations already underway, the market could be on the brink of a major move.

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