#我在Gate广场过新年 Willy Woo: Bitcoin's bear market is about to enter the second phase, and liquidity recovery still requires waiting

Renowned analyst Willy Woo states, I have bad news for those who are always bullish on a bull market: the Bitcoin bear market trend is still ongoing and should be divided into three phases: The first phase — the beginning, when Bitcoin liquidity has already collapsed. This occurred in Q3 2025, and prices started to decline.
Bitcoin, as a small-scale asset, is extremely sensitive to liquidity. For this reason, it often leads the global macroeconomy into a bear market, usually months in advance. In other words, when smart money withdraws, Bitcoin reacts quickly. In this phase, die-hard bulls blindly claim this is just a correction within a bull market, but they cannot provide concrete evidence of capital inflows and only spin stories.
The second phase — the global stock market turns bearish. This is a massive entity worth up to $100 trillion, like a giant supertanker — slow to move. This is the mid-stage of Bitcoin's bear market, where all risk assets are declining. Undoubtedly, we are in a bear market.
The third phase — dawn is breaking. In this stage, liquidity begins to improve, capital outflows peak and stabilize. Investors are returning. The final price crash usually occurs in this phase, possibly shortly before or after the capital outflow peak. Under the current bear market framework, Bitcoin is currently in the first phase and is about to enter the second phase.