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Co-founder of Bitcoin Vector, Willy Woo, stated that Bitcoin still has two-thirds of the bearish cycle ahead and urged investors to exercise caution.
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According to the crypto entrepreneur, Bitcoin may rise to $80,000 in the near term—however, this movement is misleading as the market has yet to establish a solid bottom.
“Be cautious: this will be a trap for bulls. The bottom has not yet been formed. Based on the liquidity situation, we have completed about a third of the bear market,” Woo suggested.
He attributed the current rise of the leading cryptocurrency to the actions of short-term traders rather than any fundamental factors. This market structure often leads to sharp price fluctuations and cascading liquidations, the entrepreneur expressed concern.
Woo recalled his previous prediction of a recovery rally for Bitcoin following the decline in early March. In his assessment, a rise to resistance levels above $85,000 may merely represent an interim phase before the downward trend resumes.
Without an improvement in market liquidity, expecting sustainable growth is premature—while funds remain scarce, the market will continue to be vulnerable to sudden movements and shifts in sentiment, concluded the co-founder of Bitcoin Vector.
Previously, Willy Woo indicated that the bearish cycle of the leading cryptocurrency might come to an end between October and December of this year.
