Willy Woo Sees Early Bull Market for Bitcoin with 90% Odds

Bitcoin's recent weakness may be short-lived according to on-chain analyst Willy Woo, who believes the cryptocurrency has 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. He emphasized that he's avoiding traditional cycle patterns, which have become less reliable, and instead focusing on Bitcoin's liquidity structure.

Woo's view aligns with other on-chain indicators suggesting that the recent weakness may not necessarily mark the start of a prolonged bearish phase. CryptoQuant contributor Darkfost noted that short-term Bitcoin holders have remained in profit for almost a month, which differs from previous recovery attempts.

However, Bloomberg Intelligence strategist Mike McGlone remains cautious, warning that a significant correction in the S&P 500 could weigh heavily on Bitcoin due to its growing correlation with broader risk assets. 'Launched during the Great Recession in 2009, Bitcoin has led the way up for risk assets and may now be leading the way back down,' McGlone stated.