Bitcoin Bull Market Strategy - Feb ‘21 Trading Update with Willy Woo

 
 
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“Buy the dip is the main thing you want to do, and the only time you really want to consider selling the top is the macro top.”
— Willy Woo

SHOW DESCRIPTION

Location: Remotely
Date: Monday 22nd Feb
Company: Hypersheet
Role: Co-Founder

Since last month's episode with Willy Woo, bitcoin went from ~$30,000 to a new all-time high of over $58,000. This price action came on the back of a couple of massive announcements:

  • Tesla added $1.5bn of bitcoin to its company treasury.

  • MicroStrategy announced a raise of $600m in a convertible senior note sale to buy bitcoin before reassessing and increasing the raise to $900m. Upon completion of the raise, the company estimated the proceeds to be close to $1.05bn

  • The bitcoin market cap broke through $1 trillion

While corporations are still driving the bitcoin price, Willy Woo believes that we have entered a new phase of the bull market and that retail traders have arrived. As stated in his recent newsletter: "Bitcoin's blockchain is seeing 20,000 new users per day, this is a sudden 3x increase over the normal 5,000-10,000 per day previously. It's a very sure sign that retail investors are now coming in. They typically start ramping up in numbers during the middle phases of bull markets."

In this interview, we discuss the Tesla & MicroStrategy news, the recent drop in price and what retail entering the market will mean for bitcoin.

TIMESTAMPS

00:05:00: Introductions
00:05:02: The key moves in February
00:08:21: The numbers surrounding the current floor price
00:09:41: Retail has arrived
00:12:37: Tesla's strategy
00:19:31: General buying strategies
00:21:26: Selling tops in a bull market
00:27:14: Selling tops in a bear market
00:31:00: Tracking the on-chain data
00:39:06: The reinvention of money
00:42:00: The impact of the big institutions
00:46:51: MicroStrategy weathering the bear market
00:50:50: Why this cycle is different
00:57:03: The psychology of the milestone numbers
00:59:57: Labelling error caused a selloff
01:02:34: Final comments

 

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SHOW NOTES

PodcastPeter McCormack