PANews reported on January 11 that crypto analyst Willy Woo wrote an article saying he is optimistic about Bitcoin's performance from late January to February, but is currently bearish on 2026.

Willy Woo stated, “Our internal investor fund flow model predicted that Bitcoin bottomed out on December 24th and has been steadily strengthening since then. Typically, it takes 2-3 weeks for this to be reflected in the price, and arguably that's happening now (though restrained by short-term overbought technical indicators). Another positive factor is that paper currency liquidity (futures market) is recovering after months of stagnation, much like in mid-2021, when it facilitated the second top of the previous cycle. Therefore, the $98,000-$100,000 resistance level needs to hold. If that level is broken, the next thing to watch is the resistance on ATH.”

However, I remain bearish on 2026 because, from a broader perspective, liquidity has been weakening relative to price momentum since January 2025. We are currently in the final stages of a hot zone, where momentum lacks sufficient liquidity support. My view would only change if a significant influx of spot (i.e., long-term) liquidity in the coming months breaks the downtrend. It's worth noting that a bear market has not yet been confirmed, and confirmation of a bear market will manifest as a sustained outflow of funds from Bitcoin (a lagging indicator of cycle tops).