February 18th – Renowned analyst Willy Woo has bad news for diehard Bitcoin bulls: the crypto’s bear market is still unfolding, and it breaks down into three distinct stages. **Stage 1: Initiation** Bitcoin’s liquidity collapsed in Q3 2025, sparking price declines. As a relatively small asset, Bitcoin is hyper-sensitive to liquidity shifts — so it often leads global macro bear markets by months. When smart money exits, Bitcoin reacts fast. During this phase, diehard bulls will claim it’s just a bull market pullback, but they can’t point to solid fund inflows — only hype. **Stage 2: Global Stocks Turn Bearish** This $100 trillion asset class is a supertanker — slow to shift. It’s the Bitcoin bear market’s midphase, when all risk assets slide. Make no mistake: we’re in a bear market. **Stage 3: The Dawn** Liquidity improves, capital outflows peak and stabilize, and investors trickle back. The final price dump usually hits here — right around the outflow peak. **Current Update** Bitcoin is in Stage 1 now, on the cusp of entering Stage 2.
