Bitcoin has reached a new all-time high of nearly $112,000, marking another milestone in its spectacular ascent. Many traders, including James Wynn, a notable Bitcoin whale, have taken note of the latest top.
He is currently holding an unrealized profit of over $20.7 million from his massive 40x leveraged long position, which is valued at nearly $808 million. As Bitcoin touched the $110K–$111K range, Wynn decided to reduce his position and take some profits, believing this was a good spot to secure gains.
Despite taking profits, he remains bullish on Bitcoin’s short-term prospects and expects the price to push even higher soon, targeting a range of $115,000 to $118,000 by the end of next week. He also noted that this breakout could happen very quickly, potentially within hours.
Wynn predicts that after Bitcoin reaches around $118,000 to $122,000, the price will likely cool off and move sideways for a while. According to him, this period could trigger the much-anticipated “altcoin season,” where other cryptocurrencies might experience strong growth and increased market activity.
Recently, he took a massive $830 million 40x leveraged long position on Bitcoin at about $105,033 per BTC on Hyperliquid. Shortly after, he reduced it by selling 3,688 BTC, likely taking profits. This move comes as Bitcoin recently hit a high of around $111,500. With Bitcoin breaking new ground, investors are watching closely to see if this bullish momentum continues.
Also Read: Bitcoin Almost Touched $112K, But Here’s What Went Wrong
