Key Takeaways
What’s influencing Wynn’s bets?
The recent market rebound after the crash could have driven the decision to go long on Bitcoin, PEPE, and HYPE as ‘buy dip’ talks resurfaced.
Will the bets pay off?
If the broader market maintains the strength seen this week, Wynn could be paid handsomely, bearing the discounted entry points.
The cryptocurrency market has been fluctuating since the beginning of the week. Traders are slowly shifting their bias, days after the crash, which they viewed as the onset of a bullish quarter.
James Wynn, a well-known investor on Hyperliquid DEX, has returned with a fresh wager on Bitcoin [BTC], Pepe [PEPE], and Hyperliquid [HYPE].
James Wynn is back on Hyperliquid
According to Lookonchain data, James Wynn added approximately $197,000 in USDC to his $2,818 reward to open several leveraged positions.
He took a long position on Bitcoin with 40x leverage, while PEPE and HYPE were each longed with 10x leverage. Altogether, his total long exposure across the three cryptocurrencies reached around $4.85 million.
These aggressive bets followed a wave of liquidations on the DEX platform. Although the leverage appeared unusually high, Wynn’s bold strategy seemed to boost trader confidence.
Source: Lookonchain
As Wynn holds on to these longs, what could be anticipated for these cryptos?
What’s next for BTC?
Bitcoin’s MVRV Extreme Deviation Pricing Bands revealed potential price targets in both directions. At the time of writing, BTC was trading around $112,000.
To sustain the bullish momentum seen earlier in the week, Bitcoin needs to reclaim the $119,000 level. If successful, this could pave the way for a move toward $141,000 or higher.
Source: Ali Charts/X
Otherwise, a correction could play out, which could potentially take the price below $100K, a level seen in April. Specifically, BTC could hit $96.5K, which coincided with the mean deviation price.
PEPE eyes 360% gains
The PEPE trade appeared to be a relatively safer bet.
The memecoin was trading near levels that had previously delivered over 360% gains during the Q4 2024 bull run, making the $0.000030 range a reasonable target.
Although the Price Volume Trend showed signs of buyer momentum, PEPE’s price had been moving sideways since May.
Long positions placed below yearly lows were wiped out, trapping sellers, a classic setup that often sparks bullish reversals.
Source: TradingView
The cumulative long liquidation leverage was $9 million, slightly higher than that of shorts at $8 million.
PEPE’s slow movement since May raised concerns. Still, the daily candles were yet to close below the key support level at the $0.00000600 zone.
Will HYPE respect the double bottom?
Lastly, HYPE had also shown signs of a bullish reversal. The altcoin was stabilizing around $38, at press time, with a double bottom pattern in formation.
However, HYPE was struggling to break above $40. The leveraged orders at $38 and below suggested another drop could be looming, with the largest positions at $37.
Source: CoinGlass
A breakout could see HYPE revisit its ATH of $59.
Altogether, the market sentiment was gradually shifting, but still, the bets seemed too early. The cryptocurrencies were still giving bearish sentiments that were yet to be overcome.
