Crypto analyst Willy Woo, writing on the X platform, is bullish on Bitcoin's performance in late January and February. His internal investor flow model shows the market steadily strengthening after bottoming out at the end of December, although prices typically need 2-3 weeks to reflect this change. Furthermore, derivatives liquidity in the futures market is returning after months of dormancy, similar to the situation in mid-2021, which led to the second top of the previous cycle. Currently, Bitcoin needs to challenge the $98,000 to $100,000 price range; a break above this level would require observing the resistance at the All-Time High (ATH). However, Willy Woo remains bearish on 2026 as a whole. From a broader perspective, liquidity flows relative to price momentum have been weakening since January 2025, and a significant influx of spot liquidity in the coming months to break the downtrend could change his view. The bear market is not yet confirmed, marked by increasing negative outflows from Bitcoin, a lagging indicator of a cycle top.