The Bitcoin Shakeout - Jan ‘21 Trading Update with Willy Woo

 
 
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“It would take a black swan to push the price below, essentially what we bottomed out at, in the $29,000 range on the daily close… it would really take something extreme.”
— Willy Woo

SHOW DESCRIPTION

Location: Remotely
Date: Tuesday 26th January
Company: Hypersheet
Role: Co-Founder

Bitcoin has had a great year so far, after hitting a new all-time high of ~$42,000 it has been in a consolidation range bouncing between $30,000 and $40,000. 

Since that top, we have seen a massive uptick in FUD, including a misreported double spend. This ‘double spend’ scared some investors and NexTech, a software company that had recently bought 130 Bitcoin, sold off the $4 million of Bitcoin they had acquired as a result.

With Bitcoin cooling off for the first time in this bull market, what is the on-chain data telling us, and how can you know when a bull market is coming to an end? 

In this interview, I talk to on-chain analyst and the co-founder of Hypersheet; Willy Woo. We discuss the run-up to $42,000, what the on-chain data indicates, price targets for Bitcoin and how to call the top.

TIMESTAMPS

00:04:21: Introductions
00:05:22: Willy sums up the last month
00:11:53: The buying trends in this current consolidation band
00:14:19: The NexTech sale
00:16:55: Experiencing the full cycle
00:18:19: Macroeconomic data vs on-chain data
00:24:09: The derivatives market explained
00:30:08: Responsive Capital Flow Modelling
00:31:56: SOPR chart
00:35:14: Comparing data from previous cycles
00:36:53: Institutional investment
00:38:19: Willy's "Mother of all impulses"
00:40:09: Speed of the price rises
00:45:21: Bitcoin's validation
00:46:20: How to recognise a market top
00:50:33: Willy's entry to Bitcoin
00:51:51: Top price predictions
00:54:08: Final comments

 

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SHOW NOTES

PodcastPeter McCormack