What Bitcoin Did

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Is the Bitcoin Bull Market Over? With Willy Woo

Peter McCormack

Interview | Description | Timestamps | Show Notes

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Is the Bitcoin Bull Market Over? With Willy Woo - WBD351 Peter McCormack

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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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00:04:37: Introductions
00:05:48: Elon Musk prompts a sell-off
00:08:52: The bottom hit below $30,000
00:11:32: The leverage risk
00:17:09: Elon Musk
00:18:52: Whales sell, retail buys
00:23:21: Fair coin distribution
00:26:12: Not the end of the bull market
00:28:47: Price projections
00:33:05: The recovery rate
00:36:27: The whale capitulation
00:39:35: NVT explained
00:43:16: SOPR explained
00:48:09: Positive signs for the recovery
00:00:00: Final comments


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