Willy Woo: Current Bounce a Bull Trap, Bear Market Bottom Structure Not Fully Formed Yet

BlockBeats News, March 17th, Bitcoin analyst Willy Woo tweeted that Bitcoin's short-term on-chain inflows are strong, potentially driving the price to test the 85,000 USD level based on short-term holder cost, but a futures market-driven rally is prone to cascading liquidations.

Willy Woo warned that this round of rebound is a bull trap as the bear market bottom structure has not yet formed. According to liquidity indicators, Bitcoin is currently only one-third into its bear market cycle.