Bitcoin investors may be pausing sales, easing some downward pressure on BTC, but months of consolidation likely lie ahead, analyst Willy Woo says. “This bearish sell-down by investors seems to have exhausted,” Woo wrote on X, adding that the pause gives the price “a reprieve to consolidate sideways for maybe a month,” or even a rebound to the mid-$70,000 level “which would likely be rejected.”
BTC has been range-bound between $60,000 and $70,000 for the past three weeks and dipped below $67,000 briefly in late trading. Woo’s “educated guess” is that the fourth quarter could mark the end of the bearish trend, with bullish momentum returning in Q1 or Q2 2027. For now, he warned the broader market is “heavily bearish” as both spot and futures liquidity deteriorate: “I’ve never seen BTC rally when both sources of liquidity are bearish.”
Analysts say more pain could come if global macroeconomic conditions worsen. Woo noted Bitcoin has existed only within a “secular global macro bull market” from 2009 to 2026; if that backdrop breaks down, $30,000 would be a fallback support and $16,000 the final level needed to preserve a long-term bull trend.
Bitwise CIO Matt Hougan echoed the view that recent declines were driven largely by long holders selling. He pointed to the four-year cycle, quantum fears, and a shift of capital toward AI startups among reasons for selling, but said the selling pressure is nearly finished. “They are mostly done selling, and we are in the process of bottoming. We will set new all-time highs in the future. This is a classic crypto winter, and there will be a classic crypto spring,” he wrote.
Research lead at Bitrue, Andri Fauzan Adziima, said Bitcoin’s weekly RSI oversold reading “strongly confirms that aggressive selling pressure has peaked or is fading,” an exhaustion signal supporting the recent bounce. He expects prolonged consolidation: more sideways chop, repeated tests of $62,000–$65,000 support, and range-bound action in the $60,000–$70,000 zone for weeks to months unless sustained ETF inflows or a macro risk-on shift provide a catalyst to break higher.
Jeff Ko, chief analyst at CoinEx, also noted that while improving spot ETF inflows suggest selling has eased, a sudden V-shaped recovery is unlikely after a steep 50% drawdown. “We are likely looking at a prolonged consolidation phase within a wide structural range, as the market takes three to six months to repair sentiment, reminiscent of the sideways action we saw post-LUNA,” he said.
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