Veteran trader James Wynn has warned of an intense wave of fear across global markets, predicting that both stocks and cryptocurrencies could face severe losses this week.
Summary
- James Wynn expects a volatile week, warning BTC could fall below $100K.
- $478M in crypto liquidations hit in 24 hours, mostly from long traders.
- Despite fear, Novemberโs bullish history may cushion deeper losses.
Wynn further projected that Bitcoin could potentially drop below the $100,000 mark, a key psychological level that could adversely affect sentiment.
In a Nov. 3 post on X, Wynn cautioned followers that this could be โone of the worst weeksโ in a long time for both traditional and digital assets, urging traders to avoid leverage amid volatility.
Market data shows rising fear and liquidations
The warning comes as the crypto market extends its slide following Octoberโs flash crash, which led to over $19 billion in liquidations. Bitcoin (BTC) was trading below $108,000, while Ethereum (ETH) hovered near $3,700 at press time.
According to CoinGlass data, total liquidations jumped 377% to $478 million in the past 24 hours, with $422 million from long positions. Open interest fell 1.64% to $154 billion, reflecting declining market confidence.
Though it increased 5 points to 42, the Crypto Fear & Greed Index is still in the โfearโ range, indicating that sentiment has not yet changed. The total crypto market capitalization dropped 3.6% to $3.6 trillion, mirroring weakness in global equities as investors brace for potential macro shocks.
Wynnโs bearish stance aligns with growing caution over monetary policy and trade tensions. If upcoming Federal Reserve statements in mid-November strike a hawkish tone or U.S.-China frictions escalate, Bitcoin could test support near $100,000.
Short-term outlook: downside risks vs. seasonal strength
In the coming weeks, analysts predict that Bitcoin could trade between $100,000 and $110,000, with a drop to $95,000 possible if $100,000 doesnโt hold. However, the fact that November has historically been one of Bitcoinโs best months provides some reprieve.
With previous average gains of 25โ30% during past cycles, some analysts anticipate a strong rebound. On the upside, dovish Fed signals or strong inflows into exchange-traded funds could push Bitcoin up towards the $125,000โ$130,000 range.
