Crypto analyst Willy Woo wrote that he is optimistic about Bitcoin's performance from late January to February, but currently bearish on 2026.

Willy Woo stated: “An internal investor capital flow model predicts that Bitcoin bottomed on December 24 and has been steadily strengthening since. Typically, it takes 2-3 weeks for this to be reflected in the price, and we can say that this is happening now (just suppressed by short-term overbought technical indicators). Another positive factor is that the liquidity of fiat currency (futures market) is recovering after months of stagnation, similar to mid-2021, which led to the second top of the previous cycle. Therefore, the resistance level of $98,000 - $100,000 needs to hold. If this resistance is broken, the next step is to observe the resistance at ATH.

However, I remain bearish on 2026 because, from a macro perspective, since January 2025, liquidity relative to price momentum has been weakening. We are currently in the final stage of a hot zone, where momentum lacks sufficient liquidity support. If in the coming months a large influx of spot (long-term) liquidity breaks the downtrend, my view will change. It’s worth noting that a bear market has not yet been confirmed, and confirmation would manifest as a continued outflow of Bitcoin funds (a lagging indicator of cycle top).