Is the Bitcoin Bull Market Over? With Willy Woo - WBD351
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 21 May 2021
⏱️ 52 minutes
🧾️ Download transcript
Summary
Location: Guatemala Date: Thursday 20th May Project: Hypersheet Role: Co-Founder
The last 48 hours have been one of the craziest in Bitcoin, with the price crashing -51% from its peak. Back in April, we were hovering around $60k when a significant number of miners in China went offline due to power plant disruption; after a brief selloff, prices began to recover.
Last week a tweet about Bitcoin's energy usage from Elon Musk triggered another downturn in the market. A "tidal wave of young coins" flooded into exchanges to sell, leading to a lot of leveraged traders getting liquidated and ultimately a capitulation to around $30k.
While this dip was extreme, significant dips in a bull market are not uncommon, and bitcoin is already up around 40% from the lows. So was this just a minor blip, or does it signal the end of the bull market?
In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss what caused the dip, who's buying it up, and Willy's new price targets.
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Transcript
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| 0:00.0 | The people who were most scared and the reason why the market has dropped so much this time |
| 0:09.7 | was these guys that sold their coins, they were new participants |
| 0:14.1 | holding whale size quantities of Bitcoin, which creates a new concentration of wealth. |
| 0:20.8 | Now what happened was they were the ones that sold. |
| 0:24.0 | Hello there from Guatemala, how are you all doing? |
| 0:27.0 | It's been a pretty rough week out there in the market. |
| 0:30.0 | Did you hold strong? |
| 0:31.0 | Did you hold through that monster dip? |
| 0:33.0 | Sorry about that by the way. I'm sorry I caused a massive dip in the |
| 0:36.8 | Bitcoin price, but it has been a pretty hectic week. Anyway, |
| 0:40.7 | welcome to the What Bitcoin did podcast, which is brought to you by Gemini, the only place I use for buying Bitcoin. |
| 0:47.0 | I'm your host, Peter McCormack, and today I've got the interview you have all been waiting for. |
| 0:52.0 | Willie Wu is back on the show to talk about what the fuck happened this week |
| 0:55.8 | and whether the bull market is over. |
| 0:57.7 | But before that, I do have a message from my amazing show sponsors. |
| 1:01.4 | And today I'm going to kick off with BlockFi, the future of |
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... |
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