I watched the manouver about 50 times trying to decipher what he was seeing that we weren't. Here's what I found:

If you look at when the car passes him on his right, the cyclist begins breaking at exactly 1 second into the video. At this point, notice how the camera suddenly moves down. This indicates his head and body reacting to him breaking. From this point on notice how he gradually slows down.

What we don't see as well (because of the cameras low resolution and field of view compared to human eyesight), is the car passing him on his right. He would have spotted the car with its indicator light flashing, likely before the car came into frame of the camera. As mentioned, at this very early point he already began to react and slow down.

Because of this very early and gradual reduction in speed, by the time the car actually turns left, the cyclist is no longer in danger of hitting the car as the cyclist made sure to slow down 1 second in as to leave a big gap between him and the car.

This creates the illusion that there was never any threat. It's quite interesting really. Reminds me a bit of that Malcolm in the Middle episode where Malcolm's Mum is seen to cut a driver off on CCTV, but a better angle later shows she wasn't.

So looking back at it now, it seems the driver was in the wrong and the cyclist may have hit the car had he not react as quickly (1 second in). Like I said, to see what I mean watch the cyclist beginning to break at the 1 second mark, where he goes from going very fast to slowing to a much slower pace isn the space of 15ft.

Had he edited the video to show more of his high speed before slowing down, we may have been more able to notice the speed change, but because he began to break almost as soon as the video begins, it was hard at first glance to see it from his perspective without a more detailed analysis.