Veteran on-chain analyst Willy Woo has warned that the Bitcoin (BTC) market is strengthening its bear trend and approaching the second phase of a multi-stage downturn.
The forecast challenges persistent bullish narratives, suggesting the worst may be ahead for the world’s largest cryptocurrency.
Phase 1 Nears Its End as Volatility Spells Trouble
In a series of posts on X on February 18, Woo outlined a three-phase bear market framework, positioning Bitcoin at a crucial juncture. According to him, the first stage of the current bear market started in the third quarter of 2025 when liquidity first broke down, and the price started to follow.
He explained that the key signal comes from volatility metrics used by quantitative analysts, with Bitcoin entering a prolonged decline when volatility spiked upward. That volatility is still climbing, indicating the bear trend is gaining ground.
“In this phase, perma bulls will blindly say it’s a correction inside a broader bull market but wil
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