Crypto Trader Predicts Bitcoin Surging To $118k By Next Week Amid Market Moves

Crypto trader James Wynn predicts Bitcoin price reaching $118,000 by next week, supported by technical analysis and substantial leveraged positions in both Bitcoin and PEPE. He notes the importance of channel support levels and highlights concerns about market manipulation. While PEPE is gaining traction, comparisons with Bitcoin are dividing opinions within the crypto community. Current market activity shows Bitcoin rising past $105k with PEPE seeing a slight increase.

Crypto Trader Predicts Bitcoin Price Soaring To $118k Amid Increased Bets On BTC & PEPE
In a rather bold forecast, crypto trader James Wynn has made waves in the market, predicting that Bitcoin could hit a staggering $118,000 by the end of next week. His analysis hinges on key technical indicators and market behaviours, particularly the support levels that’ve characterised Bitcoin’s price movements recently.

Wynn emphasises his predictions in a recent post on X, where he highlights how Bitcoin has remained in a stable channel since touching a local low of $74,000. Mentioning that the price has only responded to the bottom support line on a couple of occasions, Wynn said, “Since the local bottom of $74k, Bitcoin has remained in this channel, touching the bottom acting as support just twice.”

He argues that under normal conditions, these support levels tend to hold firm except when tested multiple times. This technical analysis paints a picture of resilience in Bitcoin’s structure, though Wynn also points out a moment where he suspects market manipulation occurred. What looked like a breakout over the weekend devolved into a “fakeout from market manipulators,” aiming to liquidate bullish traders.

The $100,000 mark is crucial, in Wynn’s view. He believes large limit orders will be lurking just below this threshold, and he brought up strong signals from the weekly MACD indicator, revealing that Bitcoin has achieved its first positive reading since late last year. Given these technical conditions, Wynn firmly believes a rise to $118,000 is plausible — albeit acknowledging the possibility of interim volatility.

Major Leverage Positions Reflect Strong Confidence
Backed by substantial cash flow, Wynn has taken hefty leveraged positions in both Bitcoin and the meme token PEPE. As per Onchain Lens, he’s ramped up his Bitcoin long position, utilising a hefty 40x leverage that has elevated the value to over $533 million. Such high leverage amplifies both potential gains and risks, putting his capital in a precarious situation should market prices dip.

Investing in PEPE is another key part of his strategy. He holds a long position there too, reportedly leveraging it at 10x, translating to a floating profit of around $22.92 million. Wynn doesn’t shy away from admitting the gamble involved. In his own words, “People see the trades and think it’s some high-level stupid gambling kinda stuff, and yes, it is. But it’s based on my own thesis, which is a calculated risk.”

PEPE Gains Traction: Emerging As More Than Just A Meme
The burgeoning similarities being drawn between Bitcoin and PEPE are interesting. Market analysts have begun to view PEPE beyond its meme origins, pondering its deeper significance as the crypto market evolves. Max, CEO of BecauseBitcoin, described PEPE in a post as potentially the “purest form of digitised currency this cycle, second only to BTC.” This perspective lifts PEPE from mere speculation to something more aligned with the core value of Bitcoin itself.

Not everyone agrees, though; the community is divided on PEPE’s legitimacy. Max acknowledged this rift as he stated, “Some of you get it, some of you don’t… and that’s fine.” Critics often dismiss it as a mere “stupid frog coin with no value.” Given Wynn’s significant stake in PEPE alongside Bitcoin, he seems to share in the belief of its potential.

As for Bitcoin itself, it’s important to note that during the time of writing, it had surpassed $105k, rallying over 2%. Meanwhile, PEPE saw a modest increase, rising slightly to $0.00001282. The coming week could be pivotal for both Bitcoin and PEPE, as traders await to see how the forecasts hold up amidst market dynamics.