On February 27, renowned analyst Willy Woo stated, "This investor-led bearish sell-off seems to be nearing its end, providing some breathing room for prices. It may enter about a month of sideways consolidation, or even rebound to the mid-$70,000 range, but that level is likely to encounter resistance.

The reason is that the broader market environment remains clearly bearish, with spot and futures liquidity both deteriorating. I have never seen Bitcoin sustain a rally when both spot and futures liquidity are weakening simultaneously. If I were to make a relatively rational judgment, I believe the fourth quarter might be the best window for the end of this bear market trend, and the true bullish momentum may return in the first or second quarter of 2027. Around $45,000 is a typical bear market bottom range.

From 2009 to 2026, Bitcoin has always been in a long-term global macro bull market environment. If a structural breakdown occurs in the global macro environment, then $30,000 will become the next support level, and $16,000 will be the last line of defense to sustain Bitcoin's long-term bull trend. $BTC