Bitcoin investors could finally be taking a break from selling, relieving some downward pressure on Bitcoin — though months of consolidation will likely lie ahead, says analyst Willy Woo.

“This bearish sell-down by investors seems to have exhausted,” said Woo on X on Friday. This gives the price “a reprieve to consolidate sideways for maybe a month,” or even a rebound to the mid $70,000 level, “which would likely be rejected,” he said. 

Bitcoin (BTC) prices have been range-bound between $60,000 and $70,000 for the past three weeks, and fell below $67,000 briefly in late trading on Thursday.

Woo said his “educated guess” is that the fourth quarter would be “good timing for the end of the bearish trend” and Q1 or Q2…