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Bitcoin may initially exhibit a short-term price increase that could mislead investors, followed by a more significant downturn, stated Willy Woo, co-founder of Bitcoin Vector.
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According to the entrepreneur, the current price range for Bitcoin is unlikely to be considered a market bottom, suggesting that the value of the leading cryptocurrency may continue to decline:
“We are witnessing a scenario where a temporary rise creates the illusion of the onset of a sustainable upward trend. This trend may persist until the end of April.”
Woo indicated that his forecast is primarily based on liquidity analysis rather than price fluctuations. The situation could change if significant liquidity returns to the market and long-term investors become active, he added.
“If capital fully returns and new long-term market participants emerge, I would be willing to reassess my position and outlook,” the entrepreneur remarked.
He noted that after sharp declines, Bitcoin’s price often enters a phase of sideways movement, during which the market tests resistance levels before the next major movement—this is currently occurring.
Previously, Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, stated that the recent rise of Bitcoin above $70,000 does not signify a shift from a bearish trend to a bullish one, and the prices of the leading cryptocurrency could decline again.
