Bitcoin Could Rally to $85K But Woo Warns It’s Bull Trap, Not Bottom Confirmation ⋆ ZyCrypto

Popular Bitcoin analyst Willy Woo has stated that the premier cryptocurrency is heading towards resistance levels above $80k. However, he is of the opinion that even if such a position presents itself, it won’t result in an automatic resumption of the long-term bull market, but rather will become a classic bull trap that will lure short-term players into making a mistake once again.

Woo tweeted:

According to this tweet, the analyst believes that the recent Bitcoin price dump happened far more quickly than anticipated, and as a result, it waded into extreme oversold conditions.

Now, the conditions are ripe for a short-term rebound to $85k in the near future as a balancing act. However, he has also clearly stated that the bottom is not out yet and BTC is in the middle of the bear market range. He rounds off the analysis by saying that traders can expect sideways post-flush consolidation, followed by a rally to higher resistance levels that could form a bull trap.

Twitterati React

One user replied:

Another user, however, was critical of Woo’s predictions near previous tops. They tweeted:

Woo replied to this user by pointing out that it was harder to predict a top than a bottom. According to him, tops are often driven by sentiment and FOMO, while bottoms are much more reliable to predict because of their relationship with liquidity.

“….., in terms of bottoms, I’m much better, have nailed all of them. This isn’t a bottom”, Woo countered. 

Woo Goes Bearish on Uninspiring Bitcoin, Cites Quantum Threat

Woo is a well-known Bitcoin maximalist, but he has voiced his concerns regarding the emerging Quantum Computing (QC) threat and its impact on the price index. His overall views blend optimism about Bitcoin’s long-term potential as a dominant digital asset with cautionary notes on market cycles and emerging risks, such as quantum computing.

Price-wise, he has repeatedly stated that the incoming quantum threat cannot be understated, and its risk has been factored into the spot price index. He points out that the cryptocurrency has broken a 12-year trend of gains against Gold, and QC is to blame for it. Woo, emphasizing evidence over speculation, wants the Bitcoin core team to stay on guard and propose effective upgrades to the blockchain network to make it QC-resistant. Failure to do so will force the index to underperform in previous cycles, eroding confidence and deterring future investors.