Willy Woo Says Bitcoin Bottom Not Confirmed Yet: Watch $79K

Veteran on-chain analyst Willy Woo says Bitcoin is attempting a bottom, but key signals are still missing. He points to $79K as the critical cost-basis level for recent investors. Woo assigns a 30% chance of a clean break above $79K during the next 3–6 weeks. Woo says bear-market bottoms usually see three things: (1) Bitcoin cleanly breaks the recent investors’ cost basis near $79K, (2) traders shift from passive hope to actively chasing price, and (3) activity pushes the cost basis from bearish to bullish territory. Until these line up, he remains cautious. He adds a risk-management trigger: if BTC can hold above $65K without breaking down, the odds of a structural bottom improve sharply. At the time of writing, BTC is around $76,753, down ~1.46% on the day, up ~0.25% over seven days, with 24h volume above $33.9B. Complementing Woo’s view, analyst Crypto Tice notes Bitcoin perpetual funding has flipped negative, meaning traders are being paid to go long—often an unusual sign. Historically, funding turns negative near similar price levels before bottoms form, though funding alone is not confirmation. Analyst David highlights market asymmetry: Bitcoin needs far less buying pressure to rise than selling pressure to fall. The model suggests moving toward $92K requires far less net buying (about $190M) than pushing down to $62K would require in selling (about $1.319B). Overall, the signals lean toward a potential reversal, but traders should still watch the $79K cost-basis break and the $65K hold for confirmation of a Bitcoin bottom.