James Wynn Dumps His PEPE Holdings for Bitcoin (BTC)

The cryptocurrency space is full of drama, intrigues, and careful calculations aimed at minimizing loss and maximizing profit.

A new move from a named whale has placed PEPE coin and Bitcoin (BTC) USD in the spotlight.

In the cryptocurrency space, drama, intrigues, and careful calculations aimed at minimizing loss and maximizing profit are common occurrences. Perhaps this might be the reason for the recent development where a top memecoin trader, James Wynn, dumped his PEPE holdings for Bitcoin (BTC).

PEPE Coin Dump, Bitcoin Bet

As highlighted by Lookonchain, the on-chain analytics platform, Wynn had previously bet long on PEPE’s price surge. He had also managed to exit the long position on Pepe and clocked in massive profit of $25.19 million. This suggests that Wynn timed the Pepe market well and made a staggering gain from the memecoin’s rally.

However, in a surprise move, after closing out PEPE coin with such profit, Wynn has now turned attention to Bitcoin by going all-in on the leading digital currency. The renowned trader has also decided to go long on BTC USD, as he did with Pepe. That is, he is betting that the price of Bitcoin will skyrocket in the future.

The trader’s total position is 11,588 BTC, which is valued at around $1.25 billion. This massive investment amplifies the significance of Wynn’s bullish outlook on Bitcoin’s future price outlook.

Wynn seems optimistic despite the recent pullback in price after BTC flipped $111,000. But as a precautionary measure, he has set a liquidation price of $105,180 on Bitcoin. If the BTC USD price slips below this level, his position will automatically liquidate to prevent a loss.

This move showcases the trader’s bullish sentiment on Bitcoin. Sometimes, moves by whales such as Wynn trigger buy pressure in the crypto market.

Is Market Pullback Following BTC USD Golden Cross Just a Pause?

Meanwhile, amid Wynn’s bullish move, some traders might express concerns over the correction in Bitcoin’s price in the crypto market.

However, Benjamin Cowen, another notable crypto trader, considers this a common pattern in the ecosystem. In a chart-supported analysis, Cowen noted that the pullback is a common pattern in Bitcoin’s price, especially following a golden cross.

The crypto trader maintained that although the golden cross is a bullish signal, it is not surprising for Bitcoin to experience a dip shortly after it occurs. He highlighted that Bitcoin has followed the same pattern in previous cycles. This is because short-term traders sold to profit from the price surge.

According to him, Bitcoin could recover and rebound to new highs after a few days or weeks.

However, if the market fails to cooperate, leading to a downside breakout on lower lows, then this scenario might not play out, and the bullish narrative will dissolve.

Buying Opportunity or Bull Trap?

As of press time, the Bitcoin price was up slightly by 0.74% at $108,989.11. In the last 24 hours, the highest Bitcoin price recorded was $109,799.81.

Meanwhile, the slight dip in price has affected investors’ sentiment as trading volume has declined by a significant 28.20% to $48.92 billion.

This has led to high Bitcoin liquidation numbers in the last 24 hours as long-position traders suffer more losses.

The BTC USD price is likely experiencing the typical post-golden cross dump. However, based on historical patterns, the market might shift from “greed” to a more neutral position to create buying opportunities. Such a shift could catalyze the recovery of Bitcoin. How far it could climb in its rebound move remains interesting to market participants.