Bitcoin Bull Trap Forming As Bear Market Middle Stage Approaches: Analyst

Woo said that this level isnt the bottom for Bitcoin and the asset may see further downside. Crypto sentiment platform Santiment shared a similar view on Saturday, pointing to whales aggressively selling while retail investors buy below $70,000.

“When retail buys while whales sell, it typically signals that the correction is not yet over,” Santiment said.

Bitcoin investor flows have been in “consistent recovery”

Woo said that despite Bitcoin failing to hold the “mid-70s” range after it soared to $74,000 on Wednesday, investor flows have been in “consistent recovery” since the middle of February.

Woo isnt the only analyst who thinks Bitcoin is in a bear market. Crypto analyst Benjamin Cowen recently told Magazine that 2026 is a “bear market year” for Bitcoin and unlikely to bring new all-time highs.

On-chain analytics company CryptoQuant said on Thursday that “Bitcoin is still in a bear market despite the recent rally.”

It comes after the Crypto Fear and Greed Index, one of the most widely used gauges of crypto investor sentiment, fell back to “extreme fear” levels after briefly recovering on Wednesday.