Willy Woo: Bitcoin Bear Market About to Enter Second Phase, Liquidity Improvement Still Awaited

Odaily News Renowned analyst Willy Woo stated that he has bad news for the perpetual bull market optimists: Bitcoin's bearish trend is still ongoing and should be divided into three phases:

Phase One — The Beginning. At this stage, Bitcoin liquidity has already collapsed, a situation that occurred in Q3 2025, and prices begin to fall. Bitcoin, as a small-scale asset, is extremely sensitive to liquidity. For this reason, it tends to lead the global macroeconomy into a bear market, often by several months. In other words, when smart money exits, Bitcoin reacts quickly. During this phase, die-hard bulls will blindly claim this is a correction within a bull market, but they cannot provide any solid evidence of capital inflows, only fabricating narratives.

Phase Two — Global stock markets turn bearish. This is a massive entity worth 100 trillion USD, like a giant supertanker — it moves slowly. This is the mid-phase of the Bitcoin bear market, where all risk assets are declining. There is no doubt we are 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 during this phase, either just before or shortly after the peak of capital outflows.

Under the current bear market framework, Bitcoin is currently in Phase One and is about to enter Phase Two.