Analyst Forecasts Second Phase of Bitcoin Bear Market

Seasoned on-chain analyst Willy Woo has cautioned that the Bitcoin market is progressing into the second phase of a bear trend. Woo suggests the first phase began in Q3 2025, marked by liquidity breakdown and subsequent price drops. He cites rising volatility metrics as a key sign of the trend, and predicts phase two will start when global equities start to weaken. Despite some analysts' differing interpretations of the data, Woo remains bearish, warning of possible further price capitulation around peak outflows. He does, however, see a potential turnaround in liquidity, marking the end of the bear market.