can't reset Apple Watch, keeps coming up with Enter Passcode screen

I tried to reset my Apple Watch that is unpaired from the iPhone. I have an Enter Passcode screen, but every password I could remember fails. Also, I can try as many times as I want, without the message that I have to wait xx minutes before I can try again.

Holding the side button for 10 seconds only reboots the watch and returns to the Enter Passcode screen again.

Holding both the side and crown button only reboots and also return to the Enter Passcode screen.