Crypto Market Will Nuke, Says James Wynn While Extending His BTC Short Position
Highlights
- Crypto market crash is likely says James Wynn, while expecting World War 3 if US enters Iran-Israel conflict.
- Wynn cites liquidity concerns, declining retail participation, and geopolitical uncertainty.
- As Bitcoin dropped 1.69% to $103,500, Wynn announced he is adding to his $70 million short position.
- The crypto market experienced significant selling pressure with market liquidations reaching $481 million in 24 hours.
Crypto trader James Wynn has predicted a significant downturn in the crypto market, citing escalating tensions between Iran and Israel that could potentially lead to World War 3. Despite being a long-term bull for Bitcoin and crypto, Wynn believes the market will experience a sharp decline before entering a major bull phase. Wynn stated that he’s adding further to his short BTC positions as Bitcoin price slips another 1.69%, moving to $103,500 levels.
James Wynn Expects Crypto Market Crash Ahead
Amid the unfolding geopolitical scenario with the Iran-Israel conflict, there’s an emerging debate on Fed rate cuts and market liquidity, with Governor Christopher Waller stating that rate cuts are coming next month itself. However, Jerome Powell has indicated no intentions of rate cuts during the recent FOMC meeting earlier this week.
However, considering the current macro conditions and emerging war in the Middle East, James Wynn believes that the crypto market will nuke. He said that with Powell refusing to fling, retail market participation is declining, liquidity crunch, rising Middle East tensions, the overall scenario looks fragile. In his message on the X platform, Wynn noted:
“If USA gets involved that is a declaration of a world war. In my opinion. Other countries will get involved and side with Iran. Tensions will rise. Markets will nuke. AND THEN we will get rate cuts and mass money printing. Ladies and gents, we are heading into the great reset. Crypto will win. But, lower, before higher”.
Crypto Trader Increases BTC Short Position
In his message on the X platform, Wynn stated that he would add more to his $70 million short position. The crypto trader noted: “I think I’m going to add more to my short. Nothing wrong with doubling down on your convictions. That’s what got me to where I’am today”. On-chain data shows that the BTC bulls and bears are currently engaged in a tight tug of war.
With the escalating Iran-Israel conflict, the crypto market faced strong selling pressure, with the Bitcoin price dropping to $103,500. Altcoins are facing even greater correction with Ethereum (ETH) dropping by 4%. as a result, the broader market liquidations have soared to $481 million in the last 24 hours, per the Coinglass data.
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