The analysis might not be bullshit - personally I think it's quite sound and convincing. I remain agnostic about it, of course.

As has been mentioned, Willy accounted for a rather large amount of volume on Gox and overall, but not overwhelmingly so. Its activity might have initiated and supported the trend, but I wouldn't say it has been a dominant factor. Think of it as Willy putting a multiplier effect on rally - it made it slightly faster and reach slightly higher price levels.

I think that has been mostly priced in now during the 5 month long downward trend. Note how this trend has been longer than the previous one, maybe this "multiplier effect" was one of the reasons why. The final goxing and China banning Bitcoin every week are others.

Meanwhile, as usual, infrastructure has been built, the merchant base has expanded, awareness has been raised, critics converted and ever higher amounts of venture capital flowed into the ecosystem. To say that the current uptrend has no basis just because of the Willy report making some convincing claims (which might not be true at all) about how its activity affected a past rally...seems like attributing too much importance to this. And/or missing the importance of the other developments I mentioned.

Just relax and hodl