Crypto Trader Predicts Bitcoin Price To $118k Amid Increased Bets On BTC & PEPE

Key Insights:

• Crypto trader James Wynn predicts Bitcoin price to reach $118,000 by next week.
• Wynn’s analysis is based on channel support levels and market manipulation patterns.
• The trader has leveraged positions in both Bitcoin and PEPE token.

In a recent X post, crypto trader James Wynn has made a bold prediction that the Bitcoin price will reach $118,000 by the end of next week, based on technical analysis and support level patterns.

Wynn has backed this forecast with substantial leveraged positions in both Bitcoin and the meme token PEPE.

Trader Explains Technical Thesis Behind $118k Bitcoin Price Target

James Wynn posted an in-depth analysis of his bullish Bitcoin price prediction. He focuses on channel support levels and market behavior patterns as well. In his last X post, Wynn described how Bitcoin has posted a steady channel since its local low of $74,000, touching the bottom support line only twice so far.

“Since local bottom of 74k bitcoin has remained in this channel. Touching the bottom acting as support just two times,” Wynn explained. His analysis suggests this pattern typically holds, with support levels weakening only after multiple tests.

The trader identified what he believes was a deliberate market manipulation during a recent price action event. What appeared to be a breakout on Sunday turned into what Wynn describes as a “fakeout from market manipulators suppressing price” to liquidate traders who had entered long positions.

Wynn also points to the psychological importance of the $100,000 Bitcoin price level. He noted there would likely be major limit orders placed just below this threshold. His analysis includes bullish signals from the weekly MACD (Moving Average Convergence Divergence) indicator. He notes that BTC is showing its first positive reading since November/December.

Based on this technical setup and market behavior, Wynn projects BTC price will reach $118,000 by the end of next week. However, he acknowledges there may be continued volatility in the interim.

Wynn Backs Prediction With Massive BTC and PEPE Leveraged Positions

James Wynn has put substantial capital behind his market outlook. He has also taken large leveraged positions in both Bitcoin and the meme token PEPE. According to data shared by analytics account Onchain Lens, Wynn “has increased his $BTC long position with 40x leverage. The position is now valued at over $533M.”

This leveraged long BTC position reflects Wynn’s strong conviction in his Bitcoin price forecast. This is at the risk of taking such leveraged exposure. 40x leverage means that even a relatively modest negative price movement has the potential to close out the position.

Beyond Bitcoin, Wynn has also established a major position in PEPE token. Onchain Lens reports that the trader “also holds a $PEPE long position with 10x leverage, currently having a floating profit of $22.92 million.”

Wynn acknowledges the high-risk nature of his approach in his own commentary: “People see the trades and think its some high level stupid gambling kinda shit, and yes it is. But it is backed by my own thesis. Which in turn, is a calculated risk.”

PEPE token gains recognition Amid Bitcoin Price Surge

Beyond Wynn’s specific trading positions, market commentators have begun drawing surprising parallels between Bitcoin price and the meme coin PEPE. This comparison pushes PEPE from its origins as a simple meme coin to potentially having deeper significance in the current market cycle.

Max, CEO of BecauseBitcoin, shared this perspective in a recent X post: “Those that understand it, recognize that $PEPE is the purest form of digitalized currency this cycle, second to ONLY $BTC.” This statement positions PEPE as not merely another speculative token but as having qualities that align with Bitcoin’s fundamental characteristics.

The comparison has divided the crypto community, with Max acknowledging the split in understanding: “Some of you get it, some of you don’t… and that’s fine.” Those who disagree with this assessment, according to Max, “think it’s a stupid frog coin with no value.”

James Wynn’s substantial leveraged position in PEPE alongside his Bitcoin trade means he may share this sentiment about the meme coin’s potential. His 10x leveraged position, which currently shows a floating profit of $22.92 million according to Onchain Lens, shows meaningful conviction beyond mere speculative trading.

Notably, during writing, Bitcoin price was up more than 2% and soared past the $105k mark. On the other hand, PEPE price was marginally up to $0.00001282.