James Wynn Signals Bitcoin Bullish Breakout as BTC Surges Past $93,000. Source: Image by Temel from Pixabay

Veteran crypto trader James Wynn has sparked renewed optimism in the crypto market after signaling early signs of a bullish trend for the Bitcoin price. Wynn recently revealed that he reopened a large long position on Bitcoin following BTC’s breakout above the key $93,000 resistance level, reinforcing growing confidence that a major upside move could be underway.

According to details shared on X, Wynn is currently long 124.18 BTC using 40x leverage. The position is estimated to be worth roughly $11.5 million, with an average entry price near $91,332. At current levels, the trade is already showing a floating profit of more than $200,000. His aggressive positioning suggests strong conviction that Bitcoin’s upward momentum is likely to continue.

In addition to Bitcoin, Wynn is also holding a leveraged long position in the meme coin PEPE. This trade involves over 364 million PEPE tokens at 10x leverage, with a total position value of approximately $2.6 million. The PEPE position has reportedly generated profits exceeding $590,000, highlighting Wynn’s broader bullish outlook across the crypto market.

Bitcoin’s recent recovery comes amid heightened geopolitical tensions, including developments involving Venezuela, which have added to global market uncertainty. Despite this backdrop, BTC has shown resilience, climbing to the $93,000 level during recent trading sessions and maintaining a clear upward trend at the time of writing.

Market data supports the improving sentiment. CoinMarketCap shows the total crypto market capitalization at around $3.16 trillion, with daily trading volume near $90 billion as of January 5. The Crypto Fear & Greed Index has returned to a neutral reading for the first time since October, suggesting reduced investor anxiety. Meanwhile, the Coinbase Premium Gap has turned positive again, indicating renewed buying interest from U.S.-based institutional players after year-end selling pressure faded.

Some analysts believe the current price action could signal a shift away from Bitcoin’s traditional four-year cycle. Analyst David has argued that BTC is increasingly following a power-law growth model with declining volatility. Under this framework, Bitcoin may still be in the early stages of a long-term expansion phase, with fair value well above current levels. David has even projected a potential year-end price target of $218,000.

Further strengthening the bullish case, spot Bitcoin ETFs have seen a notable rebound in inflows. Data from SoSoValue shows net inflows of roughly $459 million from late December to early January, with BlackRock’s IBIT ETF accounting for more than $320 million. Together, these factors suggest that institutional demand and trader confidence are aligning in favor of higher Bitcoin prices in the months ahead.