Is the Bitcoin Bull Market Over? With Willy Woo

“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 WooLocation: GuatemalaDate: Thursday 20th MayProject: HypersheetRole: Co-FounderThe 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.This episode’s sponsors:Gemini - Buy Bitcoin instantlyBlockFi - The future of Bitcoin financial servicesSportsbet.io - Online sportsbook & casino that accepts BitcoinCasa - The leading provider of Bitcoin multisig key security.Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.Ledger - State of the art Bitcoin hardware wallet-----WBD351 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.