Willy Woo, a closely followed analyst in the cryptocurrency markets, stated in his latest assessment of the Bitcoin price that the market may have entered a bottoming phase.
According to Woo, Bitcoin is trying to form a “bottom” after its volatile performance in recent weeks, but it is not yet clear whether this process will be successful.
The analyst specifically pointed out that the $79,000 level is a critical threshold. Woo stated that this level corresponds to the average cost for short-term investors, and emphasized that a sustained break above this region would be a significant test for a new uptrend. However, Woo approached the current recovery attempt cautiously, estimating its success at approximately 30 percent.
On the other hand, Woo stated that establishing sustained support above the $65,000 level is critical for confirming a stronger bottom formation. He indicated that if this level is maintained, the market could find a more solid foundation, but in the opposite scenario, volatile trading could continue.
Woo emphasized that the market has not yet given a clear bottom signal, stating that the next three to six weeks will be decisive. He noted that price movements during this period will determine the direction of the medium- to long-term trend, adding that investors should proceed cautiously.
*This is not investment advice.
