Bitcoin’s recent sell-down may be running out of steam, according to analyst Willy Woo, even as he expects a long stretch of sideways trading.

Woo wrote on X:

“This bearish sell-down by investors seems to have exhausted.”

What Woo expects next

Woo said the market may get “a reprieve to consolidate sideways for maybe a month,” with a possible rebound toward the mid-$70,000s that he thinks “would likely be rejected.”

Bitcoin has traded in a $60,000 to $70,000 range for about three weeks, briefly dipping below $67,000 on Thursday.

Woo added that his “educated guess” is Q4 would be “good timing for the end of the bearish trend,” with bullish momentum potentially returning in Q1 or Q2 2027.

He also described the broader setup as fragile:

“I’ve never seen BTC rally when both sources of liquidity are bearish.”

Macro downside levels

Woo warned that if “global macro breaks down,” bitcoin’s fallback support is $30,000, with $16,000 as the “final line” to preserve a long-term bull trend.

Others see a slow bottoming process

Bitwise CIO Matt Hougan said the drop was driven by investors closing long exposure, adding:

“They are mostly done selling, and we are in the process of bottoming.”

Bitrue research lead Andri Fauzan Adziima pointed to an oversold weekly RSI, aligning with Bitbo’s bitcoin RSI chart, and said this looks like a classic exhaustion signal.

CoinEx chief analyst Jeff Ko said a sharp rebound is unlikely after a 50% drawdown, warning:

“We are likely looking at a prolonged consolidation phase within a wide structural range.”