Is Bitcoin in a Bear Market? with Willy Woo

 
 
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“Bitcoin’s now fighting the final boss in the video game, it’s really up against the central bankers, and much earlier than we ever thought...because El Salvador decreed this as legal tender the World Bank by their own charter have to accept bitcoin as payment of debt.”
— Willy Woo

SHOW DESCRIPTION

Location: Remotely
Date: Thursday 24th June
Project: Hypersheet
Role: Co-Founder

Over the last few weeks, a significant amount of bad news and FUD has circulated bitcoin. Elon Musk publicly questioned the energy mix used by the bitcoin network shortly before the initial drop to ~$30k, and since then, Bitcoin has ranged between $30k and $40k.

While other positive news has come to market, such as El Salvador making Bitcoin legal tender, the news cycle has been dominated by bearish narratives, from energy concerns to China, again, banning Bitcoin. 

During this period, the hash rate has dropped by nearly 50% as miners turn off their machines and move out of China, and the difficulty adjustment, expected around 2nd July, is expected to drop by over 25%.

The last month has been turbulent in bitcoin, and the narrative has become cloudy, with bitcoin continually defending the ~$30k mark. Is this the bottom? Or just the start of a longer-term bear market?

In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss the reliability of on-chain data and TA, miners moving out of China and whether we have entered a bear market.  

TIMESTAMPS

00:06:17: Introductions
00:07:51: The presidential dress code!
00:09:25: Reacting to market events
00:16:11: Recent events - the highs and lows
00:20:05: The current speculative phase
00:23:08: Extreme FUD
00:25:53: The dump before the pump
00:27:28: The hash rate
00:34:58: Effects of the macro environment
00:37:03: Grayscale Bitcoin Trust
00:44:06: The death cross
00:45:58: Mempool
00:48:16: Are we in a bear market?
00:51:07: Super cycle
00:52:43: Michael Saylor and MicroStrategy
00:59:50: The Rick Astleys
01:01:16: Advice on leverage
01:08:37: Final comments

 

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SHOW NOTES

Connect with Willy:

Mentioned in the interview:

Other Relevant WBD Podcasts:

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