 
 
Well-known Bitcoin analyst Willy Wu stated that the leading cryptocurrency will rise to the resistance level above $80,000. However, he believes that even if such a position presents itself, it will not result in an automatic resumption of the long-term bull market, but will become a classic bull trap that will once again confuse short-term players.
Wu tweeted:
According to the tweet, the analyst believes that the recent drop in Bitcoin price happened faster than expected and as a result, it has been exposed to extreme oversold conditions.
Now, conditions are ripe for a short-term return to $85k in the near future as a balancing act. However, he also clearly stated that the bottom is not out yet and that BTC is in the middle of a bear market range. He concludes the analysis by saying that traders can expect a sideways consolidation after the dip, followed by a rally to higher resistance levels, which could form a bull trap.
The reaction of the Twitterati
One user replied:
 
But another user criticized Wu’s predictions near previous highs. They tweeted:
Wu replied to this user that it is harder to predict the upside than the downside. According to him, tops are often driven by sentiment and FOMO, while bottoms are much more reliable to predict because of their correlation with liquidity.
“….., from a bottom point of view, I’m much better, nailed them all. It’s not bottom,” Wu replied.
Wu on encouraging bitcoin declines, notes quant threat
Wu is a well-known Bitcoin maximalist, but he has expressed his concerns about the emerging threat of Quantum Computing (QC) and its impact on the price index. His overall views mix optimism about Bitcoin’s long-term potential as a dominant digital asset with cautionary notes about market cycles and emerging risks such as quantum computing.
Regarding the price, he has repeatedly stated that the threat of incoming quantum cannot be reduced and its risk is included in 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 that. Emphasizing evidence over speculation, Wu wants Bitcoin’s core group to stay on guard and propose effective improvements to the blockchain network to make it QC-proof. The lack of this indicator forces the index to underperform in previous periods, reducing confidence and deterring future investors.
