Willy Woo: Bitcoin bear market is about to enter its second phase; improved liquidity still needs to wait.

Renowned analyst Willy Woo states, "I have bad news for those who are perpetually bullish on Bitcoin: the bear market trend is still ongoing and should be divided into three phases: Phase One – The Beginning: Bitcoin liquidity has collapsed, a situation that occurred in the third quarter of 2025, and prices begin to fall. Bitcoin, as a small-cap asset, is extremely sensitive to liquidity. This is why it often leads the global macroeconomy into a bear market, usually months in advance. In other words, Bitcoin reacts quickly when savvy money withdraws. In this phase, die-hard bulls blindly claim it's a correction within the bull market, but they offer no concrete evidence of capital inflows, only fabricated stories. Phase Two – Global Stock Markets Turn Bearish: This is a behemoth worth a staggering $100 trillion, like a giant supertanker – moving slowly. This is the mid-stage of the Bitcoin bear market; all risk assets are falling, and there's no doubt we're in a bear market. Phase Three – The Dawn: In this phase, liquidity begins to improve, capital outflows peak and stabilize. Investors are returning." The final price crash typically occurs at this stage, possibly before or shortly after the peak of capital outflows. Within the current bear market framework, Bitcoin is currently in the first stage and poised to enter the second.