The price of Bitcoin (BTC) has remained within a range of $60,000 to $70,000 over the last three weeks, recently dipping below $67,000 in late trading on Thursday. Analyst Willy Woo believes that the recent selling pressure from investors may be diminishing, potentially providing a temporary relief for the cryptocurrency.
Woo mentioned on X that a sideways consolidation phase could last for about a month, with the possibility of reaching the mid $70,000 range, although he anticipates that such a spike would likely face rejection. He hinted at a potential end to the bearish trend in the fourth quarter, with a return to bullish momentum expected in early 2027.
Concerning the overall market, Woo pointed out that both spot and futures liquidity have been declining, indicating a challenging environment for Bitcoin to rally. He warned that if global macroeconomic conditions worsen, Bitcoin could see significant declines, with $30,000 serving as a critical support level.
Echoing Woo’s perspective, Matt Hougan, chief investment officer at Bitwise, noted that the recent downturn is largely due to long-term investors selling their positions. He expressed optimism about the future, suggesting that the current market conditions resemble a typical "crypto winter," which he believes will eventually lead to a "crypto spring."