Jul 30, 2021
Date: Thursday 29th July
Since mid-May, Bitcoin has ranged between $30k-$40k, following a build-up of negative news, from bans in China to concerns about energy use. While on-chain analysis showed strong signs of accumulation during this time and pointed to the bull run not being over, the price kept grinding lower.
By July 20th, the price again dropped below $30k and held below this crucial level for the longest period since the dip began. With sentiment heavily bearish and many calling for a further dip to ~$20k, what started as a small rally turned into a $10,000+ move after shorters were forced to close their positions. The price on one futures exchange hit as high as $48k on the back of the liquidations.
Bitcoin has been sat at $40k, another crucial level, for several days now, and with on-chain metrics showing a massive influx of new entrants and FUD wearing thin, market sentiment seems to be flipping positive.
So has the bull run recommenced? And is this cycle different?
In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss accumulation by small holders, the recent bullish move and why this might be the last cycle.