Bitcoin Price Nears $122K as Willy Woo Calls It the ‘Perfect Asset’ for 1,000 Years
Bitcoin is trading near critical resistance as both technical momentum and broader adoption debates heat up.
On the daily chart, BTC has pushed higher in recent sessions, with short-term moving averages now aligned in a bullish formation and the RSI climbing toward overbought territory without yet flashing exhaustion. The recent bullish crossover on the MACD suggests momentum is shifting firmly in favor of buyers.
Immediate support is holding at $117,265, with deeper cushions at $112,546 and $105,681 if a pullback emerges. On the upside, the market faces a wall of liquidity between $121,790 and $122,000, as indicated by order book data showing significant ask walls at these levels.
Clearing them could pave the way for incremental gains, though volume confirmation will be key. Bid walls clustered just below current prices suggest strong short-term buying interest, making a sudden drop less likely unless sentiment shifts quickly.
Daily chart for WBTC/USD (Source: GeckoTerminal)
For traders, a clean breakout above $122,000 with strong volume could present an entry for momentum longs, aiming for continuation into higher resistance zones. On the other hand, failure to hold $121,600 could open the door for shorts targeting the $117,265 support region.
Woo: Bitcoin Is the ‘Perfect Asset,’ But Needs More Capital to Change the World
At the Baltic Honeybadger conference in Riga, Latvia, Bitcoin analyst Willy Woo argued that while Bitcoin may be “the perfect asset for the next thousand years,” it won’t rival the U.S. dollar or gold without a massive increase in capital inflows.
Bitcoin’s market cap currently sits at $2.42 trillion — less than 11% of gold’s $23 trillion and behind the U.S. dollar’s $21.9 trillion money supply. Woo stressed that Bitcoin’s transformative potential hinges on its ability to grow big enough to compete with these entrenched monetary giants.
Corporate Treasuries, ETF Flows, and Hidden Risks
Woo praised the role of Bitcoin treasury firms in accelerating adoption but warned of a “Bitcoin treasury bubble” if debt structures remain opaque. He cautioned that a major market downturn could force weak players to liquidate, flooding the market with supply.
Largest BTC treasuries (Source: BitcoinTreasuries)
He also highlighted the risks of heavy reliance on spot Bitcoin ETFs and custodial solutions, saying that such concentration could leave large amounts of BTC “within arm’s reach” of nation-states — raising the possibility of a government-led “rug pull.”
Spot BTC ETFs (Source: Farside Investors)
Meanwhile, Debifi CEO Max Kei predicted that self-custody adoption will spread gradually — from large custodians to corporations, and finally to individuals. Meanwhile, Blockstream CEO Adam Back argued that companies remain the most logical starting point for adoption, noting that businesses unable to outperform Bitcoin’s returns might as well hold BTC directly.
Short-Term Momentum Meets Long-Term Vision
The convergence of bullish technical signals and Woo’s long-term macro outlook paints a nuanced picture: in the short term, Bitcoin’s price action is positioned for a possible breakout if resistance at $122,000 falls, but in the long run, the asset’s ability to rival gold or the U.S. dollar will depend on sustained capital inflows and how investors choose to custody their holdings.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Ecoinimist is not responsible for any losses incurred. Readers should exercise caution before acting on this content.
