Willy Woo Sees 90% Chance of Bitcoin's Bottom Being In

Despite a short-term decline following the US Senate's failure to advance the CLARITY Act, on-chain analyst Willy Woo believes Bitcoin may have already established its market bottom and entered an early bull market.

In a post on X, Woo assigned a 90% probability to the bottom being in, citing improving liquidity conditions and renewed participation from long-term investors.

'I put the probability the bottom is in at 90%. We are in an early bull market structure based on long-term investor liquidity returning,' Woo stated.

Woo's comments come as the broader cryptocurrency market faced selling pressure after the CLARITY Act received 49 votes in favor and 50 against, falling short of the 60 votes required to advance.