While selling pressure may be cooling, risks remain. Willy Woo warned that if global macroeconomic conditions deteriorate, Bitcoin could revisit $30,000 as a key support level — with $16,000 acting as the final line needed to preserve the long-term bull structure. He emphasized that Bitcoin has existed almost entirely within a broader macro bull environment since its creation, making a structural shift in global markets a serious threat.

Meanwhile, Matt Hougan of Bitwise Asset Management attributed the recent downturn to large holders unwinding positions for various reasons, from four-year cycle theories to reallocating capital into AI startups. Hougan argues that most of this selling is likely complete, describing the current phase as a “classic crypto winter” that could eventually give way to another cycle of new all-time highs.