Crypto trader James Wynn has predicted that the Bitcoin price rally is not done, with an all-time high expected to happen soon. This comes as the Bitcoin price has continued to stall between $102,000 and $106,000 with no discernible pattern that could point to where the price could be headed next. While the new all-time high prediction has not come as a surprise to crypto investors, the tight time frame given for the price to hit this target has caught attention.
Bitcoin Price Holding Against Bearish Pressure
Taking to his X (formerly Twitter) account, the highly profitable crypto trader told his over 63,000 followers that he is expecting the Bitcoin price to continue to rise. He explained that after marking its local bottom at $74,000, the Bitcoin price has managed to stay in the tight channel between $102,000 and $106,000.
With the Bitcoin price retesting major support levels but not falling below, Wynn explained that this backed his thesis that the BTC price would not fall again. Despite the fakeout that happened through the weekend, the crypto trader is not deterred, attributing the reversal to market makers pushing the price down in order to liquidate late longs. However, with so many positions already liquidated, he explained that there is no longer a reason for the market makers to keep pushing the price down.
For now, the price is showing a lot of strength above $100,000 and the trader believes that this is due to the fact that there is now huge psychological support at $100,000. Furthermore, he explains that even market makers may not have the force required to push the price below this level.
BTC Turning Bullish On The Charts
In additional to psychological support forming at $100,000, the Bitcoin price has also been showing a lot of strength on the chart. For one, James Wynn points out that bulls were engulfing candles on the hourly. As a result, panic selling saw weak hands pushed out, as well as market makers running out of steam.
Another interesting development is the fact that the Bitcoin price is finally bullish on the weekly MACD. This is importance because the last time that the weekly MACD was bullish was back in November and December 2024. This was when the Bitcoin price had rallied to put in a new all-time high.
The current bearish forces plaguing the market is what the analyst refers to as short-term noise before the next run-up. The target for the Bitcoin price? $118,000 and he expects this to happen by the end of next week. If this happens, then BTC could be seeing new peaks in May and going into June with a bullish streak. “Don’t fumble your bag, follow proper risk management and look forward to the new highs,” Wynn told his followers.
Wynn has shot up in popularity in the crypto community for his high leverage and often profitable trades on the Hyperliquid platform. So far, he has done more than $3.7 billion in trading volume on the platform with a PNL of almost $50 million and his account balance now sitting above the $58.4 million mark, making him a top 5 trader on the platform.
Featured image from Dall.E, chart from TradingView.com
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