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.
SHOW NOTES:
TIMESTAMPS:
0:00 Intro
0:14 Elon Musk’s tweet causing the selloff
4:15 The price dropping below $30k
7:13 The risks of leverage
10:57 Is there too much leverage in the system?
19:29 Proof of work & coin distribution
24:20 Is this the end of the bull market?
25:13 Price targets
26:56 What happens now?
31:18 The whale capitulation
33:50 NVT
37:35 SOPR
42:44 The recovery
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****
“The people who were most scared and the reason why markets dropped so much this time, was these guys that sold their coins, they were new participants…holding whale-sized quantities of bitcoin which creates a new concentration of wealth. What happened was they were the ones that sold.”
— Willy Woo
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.
Thank you guys for the great interview
I’d just like to give props to Peter for (more frequently) viewing Bitcoin beyond the price!
As time goes by, more people are realising that Bitcoin is a massive force for good in our world.
We won’t get another ‘Bitcoin’ to try again, if we screw this thing up – This is our best opportunity to rally behind something that has the power to change our world for the better…so be kind, drop the “stay poor” bullshit, and do something every day to help others around you…whether that involves Bitcoin or not. Oh…..and HODL, of course.
omg where do they find these dorks
Bitcoin was created by the Elite class and delivered as an alternative to their system. It’s a trojan horse and it has worked.
I like and appreciate what both Willy and Peter do, it’s gracious of them to share their knowledge… having said that, what happened to Willy’s “it would take a black swan to push us below 50K”… is Elon a black swan? Maybe I guess, but it seems sort of “weak sauce” for a black swan to me.
Elon Musk, Joe Biden, and Xi Jinping in floated a Black Swan across the pond in the Jardin du Luxembourg. I’ve been in crypto for 7 years now, there is a Black Swan Event at least once a year. Craig Wright, Roger Ver, Steve Mnuchin, Donald Trump, Gary Gensler, Janet Yellen, Christine Lagarde, Jerome Powell, Neel Kashkari, Nassim Taleb, Warren Buffett, Charlie Munger, Bill Gates, and their friends, all just waiting for their moment to float the Swan to attack bitcoin. When all the Elites of the World are against something, I think we should expect to see them float a lot of Swans across the pond in Paris. Do not be so surprised when you see the swan, do not pretend it is black, it is white!
@WarrenB I agree that all of those people are pushing to keep btc down Warren… with the exception of Elon, I think he wants what’s best for bitcoin but, he’s got a lot of plates he needs to keep spinning. But, none of that is a surprise…
At any rate, Willy is allowed to make mistakes just like the rest of us but it would be nice to see him acknowledge them and comment on what he thinks has changed. If anything.
Markets will always find the weakest in its ecosystem, hence over leveraged inexperienced new traders will always be slaughtered by people who know what they’re doing. If you’re experienced, you use leverage very carefully, if at all in a market like this. Hodling is probably the best option for most people.
No need to use leverage at ALL in a 65 vol asset. its pure greed and leads to stupidity.
@No Stop Loss facts
Great Podcast Peter. Willy is amazing! Good to hear we’re on track with the bull market. 👌I Hope people bought the dip ✊ 💎
Great interview, thank you.
What a great, informative video. Great to hear the master giving us confidence.
best bitcoin podcast and fantastic guest – thank you both 🙏🏻
Thanks Peter. Great insight as always from Willy!
A Little Willy Woo on the way in a few weeks. Congrats Willy👏
I remember the psychology of the 2018 collapse, watching BTC drop from $15k down to $3.5k. Interestingly, once it had dropped below $5k, I realized it was definitely all over for BTC so was heading to 0, and at that point it becomes worthless in your own head so there was no point even thinking about selling (just let it go to zero after that), so you tend to hold on and forget about it at the bottom, and everyone thinks exactly that same way at those levels, which then stops all selling, and then it turns around, and then goes back up. But I never imagined it would actually recover and go all the way back up to $65k .. amazing! So if you bought on spot prices for the long term hold, never sell, just keep holding it thru down and up.
Willly is the best thanks for having him on what a timely appearance by the man himself
Have been waiting for an interview with Willy Woo after the crash. Definitely the best analyst out there. I have copied the link to this to my friend who recently joined Coinbase and bought a little BTC and ETH just prior to the crash. She is holding on but this may help her understand what bitcoin actually is. The discussion on how you distribute money to people without a central authority was really pertinent, and a definite plus of the interview. Willy is the only one I have heard with the narrative that it is high net worth whale newbies that got scared out, and that we have a new wave of smaller investors getting in. Thanks!
hope all is well Willy, and best wishes to your family. Thanks for the on-chain analysis and regular updates.
Pretty sure Willy meant he was all in cash for his trading portfolio, not his total asset portfolio.
It would make sense that he exited all trades because he was on a 1-2 week meditation retreat.
Obviously you cant trade at a retreat and you can’t have trades on deck because that would be distracting for meditation.
There is not many people I believe, or trust in this space, but Willy Woo always speaks with honesty and never hypes just to get views, or pump his own bags. As always, great interview Peter. Keep up the good work!
It’s fun to see leverage removed from system, and true price discovery. Wish the stock market was as transparent.
Love Willy. One thing I would really have loved him addressing though is his absolute bottom price he has previously spoke about on this or other shows then at 38K. At the time he said something like “if that breaks, all models break” – so have all models been broken now then?
yes, we are clearly in a downward trend and the whales are taking the price lower. Too many of these hype crypto ‘experts’ telling everyone BTC is going to half a million this bull run etc etc should be held accountable for the cr@p they say. Its not going to happen, BTC will be dipping to much lower levels I believe
For me, I went in heavy on Btc, Eth, Shiba, Dodge and Atm. 2 solid long terms, and 3 gambling short term swings. This was like a golden opportunity to buy the crazy oversold dip.
Always love hearing from Willy!