Unchained

Will Bitcoin's Price Go Up Again? Yes, According to On-Chain Analytics - Ep.244

Jun 8, 2021
Willy Woo, an on-chain Bitcoin analyst and writer of the Bitcoin Forecast, teams up with Rafael Schultze-Kraft, co-founder and CTO of Glassnode. They dive into the recent factors affecting Bitcoin's price, including Elon Musk's market influence and the surge of corporate treasuries investing in Bitcoin. Topics include the environmental debate around mining, the role of derivatives in price volatility, and how on-chain metrics suggest Bitcoin could be undervalued. Predictions about Ethereum's impact and the market's bullish potential also take center stage.
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INSIGHT

Reasons for Bitcoin Drop

  • The May 2021 Bitcoin sell-off was likely due to Elon Musk's tweet about Tesla and China's mining ban.
  • These events triggered fear, especially among newer investors, leading to a cascade of selling and liquidations.
INSIGHT

Influence of Elon Musk

  • Elon Musk's tweet about Bitcoin's environmental impact significantly moved the market.
  • This is due to his influence and the validation of existing FUD, despite its questionable validity.
INSIGHT

Bitcoin and Renewable Energy

  • Bitcoin mining can make renewable energy more cost-competitive.
  • It incentivizes renewable energy deployment, accelerating the transition away from fossil fuels.
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