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On Bitcoin

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• Next months (next 2–6 months): Leans down (timeframe is our reading): I think going back to where we were around the time of the ETF launch makes sense, like in the 40 to 50 range. To me, that makes sense. ▶ 43:55 Said again while their call of 18 Mar 2026 was open, so it counts once; that call was right: 73.9k when said, 64.8k on 16 Jul 2026 (−12.4%).
• This cycle (next 6–18 months): Leans down: I think the most likely time frame for a low is Q4 this year. More specifically, October of 2026. That's what I think. ▶ 42:02 Said again while their call of 6 Oct 2025 was open, so it counts once; that call was right: 123.5k when said, 85.8k on 6 Oct 2026 (−30.5%).

If this, then that

• If Bitcoin drops another 50% from here, then no target given (next months): If we go if Bitcoin were to drop another 50% from here, it would be really hard to you know, to be overly bearish at that point ▶ 42:32

Levels named

• 40–50k: Target (price area around the time of the ETF launch): I think going back to where we were around the time of the ETF launch makes sense, like in the 40 to 50 range. To me, that makes sense. ▶ 43:55
• 40k: Target (Bitcoin has historically bottomed below the balance price in mid-term years): The balance price, historically, Bitcoin has always bottomed below the balance price in mid-term years and that's currently trading at around 40k. ▶ 44:04

Their own position: Not said.