James Wynn hit the jackpot by predicting a Bitcoin price decline.

Having squandered his fortune trading cryptocurrency derivatives, trader James Wynn has finally made a killing thanks to the fall in the Bitcoin price.

The short position I opened [on BTC futures] made me an eight-figure profit because I correctly predicted that the coin's price would decline from $120,000 to the first target at $92,000.

“I was going against the crowd. That's the prerogative of you [Bitcoin maximalist Fred Krueger] and the majority of cryptocurrency bloggers, including Mike Alfred and Grant Cardone. You move like a herd of animals, acting in unison, as if you were one,” Wynn wrote.

According to James, he pocketed at least $10 million by opening a short position on the futures market at the right time. However, he hasn't provided any confirmation of his success, so the trader's statement shouldn't be taken completely at face value. Nevertheless, Wynn isn't being disingenuous when he says he long ago predicted a decline in Bitcoin's price, while many analysts, on the contrary, predicted a rise in the coin's price.

Wynn believes the bearish trend will continue in the BTC market until the cryptocurrency drops to $40,000-$50,000. In that case, the digital asset's price will fall approximately threefold from its peak of $126,272. James wants to take advantage of this situation to increase his capital through short positions and buy more bitcoin at the bottom. He believes that BTC will be worth $1 million in 10 years at the latest, so the trader is not burying Bitcoin and is simply trying to make some money.