Bitcoin On-chain & Macro Analysis with Will Clemente & Dylan LeClair - WBD382

Mr Obnoxious

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 6 August 2021

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

Location: Remotely
Date: Thursday 5th August
Company: Independent, Bitcoin Magazine
Role: On-chain Analyst, Director of Financial Markets & Research

From early May to late July, the price of Bitcoin dropped substantially from ~$64k to below $30k. This was following a wave of negative press, a renewed ESG, anti-proof of work narrative and Elon Musk FUDing Bitcoin.

During this time, the sentiment amongst most Bitcoin traders turned negative, with many calling for the price to drop into the low $20,000s. The futures markets reflected this negative sentiment, with a large majority of participants in short positions.

One faction of the trading community that remained bullish throughout the turndown was the on-chain analysts. While the price fell, key on-chain metrics pointed at this being a dip rather than the beginning of a long term bear market. New users on the network grew, short term holders turned to long term holders, and retail was buying the dip.

Many on-chain analysts predicted a sizeable short squeeze that quickly took the price from sub-$30k to over $40k in just a few days.

So, what's next for Bitcoin? Is this just a dead-cat bounce, or are we heading higher?

In this episode, I talk to on-chain analyst Will Clemente, and Bitcoin Magazines Director of Financial Markets & Research Dylan LeClair. We discuss the recent Bitcoin price action and the current macroeconomic backdrop.

Transcript

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0:00.0	The models all break the upside if the trust is lost in the system.
0:08.0	If the legacy market cracks, then Bitcoin's going to moon in dollar terms because that marginal seller's like, wait, I don't need to sell. Like I don't want to sell like this is the only thing I want to own.
0:18.0	Hello there from Bedford in the United Kingdom, the Bitcoin and Mecca of the world, how are you all doing?
0:24.4	All right, so listen, next week I am heading off on a two-week holiday in the Caribbean.
0:28.4	It's been a wild four years doing this podcast, but I need a break.
0:31.7	I need to go and recover from my operation and
0:34.8	honestly I'm just knackered. So I've booked a two week holiday, I've recorded a whole
0:39.1	bunch of interviews in advance but I am intending on just taking a break being present for my children and doing
0:44.7	absolutely nothing for a couple of weeks. So if I am offline if you don't hear from me you
0:49.6	now know why. Anyway welcome to the What Bit Bitcoin did podcast which is brought to you by
0:54.3	Gemini, the only place I'm using for buying Bitcoin. I'm your host Peter McCormack and
0:58.8	today I've got an interview with the Bitcoin Zoomers. I've got Will Clemente
1:02.3	and Dylan Leclare back on the show. But before that I do have a message from my show sponsors and this week we're kicking off with Exodus wallet who I am using for my mobile desktop wallet for Bitcoin.
1:14.0	Now as you know because I'm always talking about it
1:16.3	UX is super important to me.
1:18.1	So when X has reached out and they said Peter we want to sponsor your show I was like well
1:22.0	I got to play with the app first and I did they
1:24.0	crushed it which is why I'm happy to recommend it to you my friends and my family
1:28.4	the Exodus desktop wallet gives you a way to secure and manage your Bitcoin in one beautiful application and with
1:35.0	their mobile wallet you get to send and receive safely using a QR code or address knowing
1:40.2	that Exodus automatically checks all addresses for errors.
1:43.7	So make sure you check it out yourself at Exodus.com or search for Exodus in the Google or Apple
	...

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