Crypto analyst Willy Woo said he believes there is a 90% chance the crypto market has bottomed and that current liquidity conditions point to an early bull market structure. According to ChainCatcher, Woo said the key factor is BTC liquidity structure, while noting that long-term investor liquidity is returning. Woo said he is intentionally avoiding historical cycle patterns, even though those patterns have been highly effective in identifying market bottoms. He said other analysts’ consensus probability, based on cycle analysis, is about 40%. Woo added that if the liquidity-based view is correct, the market bottom is likely already in place. He said the remaining question is how long the bull market could last, but argued that the duration is still uncertain because historical cycle patterns are gradually losing effectiveness. As long as investor inflows do not weaken significantly, he said, the bull market structure should continue.