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Co-founder of the Bitcoin Vector project and co-founder of the CMCC Crest investment fund Willy Woo said that it is critical for Bitcoin to overcome the resistance level of $90,000–100,000 in order to start a rally.
In the short term, the dynamics of Bitcoin may well become positive, but it is unlikely to last the whole year, in addition, it will take a long period for the first cryptocurrency to begin recovery, the businessman believes.
“Activity in the futures markets began to slowly recover, as did the flow of liquidity that had been stagnant for several months. Similar dynamics occurred in the summer of 2021 before the start of the second price maximum of the cycle. Now the key resistance level for Bitcoin is $98 000–100 000,” said Willy Wu.
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The chances of the first cryptocurrency making a new all-time high this year are small, since liquidity in the market is still not enough to regain the attention of investors and traders, the entrepreneur believes.
The situation of stagnation may be reversed in the next two to three months by a sharp influx of capital from large funds. But until this happens, Bitcoin will remain in a narrow price range, Willy Woo is convinced.
Earlier, specialists from the digital asset management company VanEck said that by 2050 the Bitcoin exchange rate could reach $2.9 million, but under an important condition: if the first cryptocurrency serves 5-10% of international trade and 5% of domestic payments.
