Bitcoin Could Be in Early Bull Market, Willy Woo Says With 90% Odds

Bitcoin (BTC) traded weaker Wednesday after the U.S. Senate failed to advance the CLARITY Act, pushing BTC below $75,000 before it recovered above $80k.

Despite the short-term weakness, on-chain analyst Willy Woo believes Bitcoin may have already established its market bottom and entered the early stages of a new bull market.

In a Wednesday post on X, Woo assigned a 90% probability to the bottom being in, pointing to improving liquidity conditions and renewed participation from long-term investors.

“I put the probability the bottom is in at 90%. We are in an early bull market structure based on long-term investor liquidity returning,” Woo stated.

His comments came as the broader cryptocurrency market faced selling pressure after the CLARITY Act failed to pass a procedural vote in the U.S. Senate on September 15. The bill received 49 votes in favor and 50 against, falling short of the 60 votes required to advance.

According to the analyst, the traditional cycle approach currently produces a much less convincing signal, with the consensus among analysts relying on those patterns at around 40%.

“Shaping my view is BTC’s liquidity structure; I’m deliberately avoiding historical cycle patterns which have been very successful to date in calling bottoms,” he said.