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Cryptocurrency trader James Wynn, who previously suffered a whopping $100 million in lost profits, is making waves again with his prediction of another Bitcoin price crash. Just recently, he warned of a drop right before Bitcoin dipped below $100,000, marking some new lows.
Famous Trader Warns of Bitcoin Drop to $67,000
In an X post, James Wynn forecasts that Bitcoin could tumble down to $67,000 by the end of this week or the weekend. He believes that this prediction holds merit due to “lovely” support and buy pressure present in that range.
Wynn backed up his prediction by referencing another X post he made concerning a previous Bitcoin price drop, which he accurately anticipated. Last month, he mentioned that BTC might slide down 32% to around $77,000. He highlighted that this type of volatility is common in past cycles and reminded everyone that Bitcoin was coming off a mammoth 650% rally.
As it stands, Wynn’s prediction about Bitcoin’s price is somewhat uncertain, especially since Bitcoin seems to be bouncing back from its recent dip to $81,000 last week. Just yesterday, it climbed back to the important $90,000 mark, with many speculating about a possible rally to $100,000. This rebound could be fueled by rising hopes for a Fed rate cut, as the Fed is set to wrap up its quantitative tightening by December 1.
Interestingly, BitMEX co-founder Arthur Hayes also predicted that $80,000 would be the bottom for Bitcoin price, as he noted that liquidity conditions are getting better. He hinted at the uptick in bank lending this month, suggesting it could be supporting the improved market liquidity.
Bitcoin Might Soar Up to $115,000
In another X post, crypto analyst Colin forecasts that Bitcoin’s price could surge to between $100,000 and $115,000 as the market recovers. He believes that BTC will enjoy a continued relief rally, especially with the SPX gearing up for its next breakout. He added that while the SPX may see new all-time highs (ATHs), Bitcoin may not follow suit.
However, Colin also issued a warning that this relief rally could be a final opportunity to exit before a potential bear market capitulation. He mentioned there is an 80% chance BTC is already in a bear market, with only a 20% chance it could reach new all-time highs. His skepticism about the current price pattern is reflected in the numerous overhead resistances Bitcoin faces.
At the time this was written, Bitcoin’s price hovered around $91,200, showing a commendable increase of over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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