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Market Talk- NEW ALL TIME HIGHS IN MAY!? BTC breaksout above 97k!
Recorded: May 2, 2025 Duration: 1:51:10Space Recording
Full Transcription
Thank you. Thank you. Thank you. Thank you. you hey guys what's going on what's going Unfortunately, I am not able to play the usual intro with the music and all that stuff.
I actually just moved into a place, a much nicer place really. I think, I'm pretty sure you guys can hear the echo.
Building is completely brand new. Half the units aren't even fully open yet but this thing is pretty sick
has a rooftop pool and everything man um proud of myself for that but uh donnie welcome up man
i hope uh you're feeling better i see uh gary in the audience gary if you want to come on up
talk markets feel free to come on up as well. What an incredible week in the markets, guys.
Sui, Farcoin, Hype have all been doing tremendously well.
We have Hyperliquid with its native token Hype hitting fresh local highs today from the lows at $21.
today from the lows at $21 and the SPX the S&P 500 man pressing up against 5700 that is a level
that we have been talking about for quite some time 57 to 5800 and you know I understand we've
essentially had two straight trading weeks of up only in the stock market.
And I understand that some people are concerned, right?
Like, oh, why are people getting so bullish after nine straight trading days?
And the equity markets, it is not a time to get bullish, people are saying,
it is not a time to get bullish, people are saying,
because a significant rally after the most brutal drawdown
that the equity markets have ever had in modern-day history
is apparently a crime, and you shouldn't be getting bullish
after it shows some signs of life, after months of down only.
You've got to love the timeline sometimes.
You got to love the timeline sometimes.
You got to love the macro doomers.
You've got to love the macro doomers.
And what you usually have after a meltdown is a melt up, right?
Both myself and Donnie, if you guys remember, it was Friday.
It was on a Friday, and the equity markets bottomed out the following trading day.
And we were both saying that the equity markets and its participants and even crypto participants are now having such doomer mindshare that it's essentially the inverse of people getting it obscenely bullish within the crypto markets, longing BTC specifically during that $100K breakout.
And of course, if you long that $100K breakout,
there wasn't really much upside left.
And if anyone shorted the equity markets on that Friday,
you didn't really have much upside to get from your shorts.
You got completely blown out within a few
trading sessions. And here we are a couple of weeks later. And if we just look at how equities
have bottomed over the last couple of years, there's always an obscene melt up about a week or two after things bottom out.
You take a look at the Nasdaq, right?
The QQQ after it bottomed out in December, I think it actually had a double bottom.
We put in a low in late October and then we had a double bottom in December where we saw
Tesla going below $100 pre-stock split.
We saw Coinbase stock going just below $30.
Robinhood stock also got destroyed.
MSTR got its ass handed to it.
And then within a couple of weeks, things started melting up, right?
And we saw BTC going from $15K to $23K.
And Q1 was pretty bullish it was insane really and you even had a second chance uh to bid ults during a higher low phase when btc retested
19k because of silicon valley bank um same thing when equities bottomed out in October of 23, a couple of weeks after we put in that low, the equity market started going absolutely crazy.
And so I'm not too sure if there's any reason to be cautious just because the S&P and the QQQ rally a little bit after going through an entire bear market in less than
two months.
It's completely unheard of for the S&P, right?
If you look at the way indices have traded over the last couple of decades, just bidding
risk when the S&P has a drawdown of over 20%, within six months, we're trading significantly
higher.
Except this time, people front run that information and you have all these algorithms and bots
that just destroy the modern day market participant that just bids risk through their 401k.
And Bessette, the talking head for the Trump administration when it comes to all things
markets, bonds, stuff like that, he gave the signal that the market was ready to absolutely
rip.
And we've seen Crypto Bros trying to make fun of Besant now that he's calling for
upside.
But when he was calling things to go to the downside, people called him out and they said that he's LARPing, he doesn't know what he's talking about, and the equity market's nuked.
in regards to over the next few months after these tariffs come and go, you'll start seeing
signs of a Trump administration stock market. And slowly but surely, we are starting to see that,
right? It's very reflective on even more risk on indicators like MSTR.
risk-on indicators like MSTR. People were saying how proud they were on selling MSTR at the early
April lows, and MSTR is well into the green above its yearly open. And speaking of yearly opens,
the S&P is close to flipping its yearly open. And once you have that happen, my personal thoughts, and I'm sure Donnie's personal thoughts as well, is the least path of resistance is still to the upside.
I think the powers that be have tricked people into thinking we're going to go into some deep, powerful recession, and that this recession is going to be this recession is going to be worse than
2008 but we've had every single indicator from sentiment to drawdown tell us at those lows that
this is either the bottom or this time is actually different and something bad is going to happen. We saw BTC at 73, SOL at 90, ETH at 1300. Essentially, things were at a make or break point.
SPX was also a couple of points away, I think like 150 points away from retesting a 200 weekly moving average, which over the last 15 years has been where
indices have typically bottomed out, specifically the S&P 500.
So you either bid for optimism and actually believe that the status quo will continue
and it's time to believe in something or you fall for the parlor the
parlor tricks and theatrics that the internet is known for when it comes to emotions when things
were raging in December and January they told you that things like avalanche are bullish because
they're tokenizing real-world assets and BlackRock is to file an ETF for AVAX.
And at the bottom, they tell you that asset prices for things like Bitcoin might bleed
down a bit more.
Larry Finkelstein called for a recession at the exact peak low of the S&P and for Bitcoin.
Someone that was giga yapping about BTC and the tokenization of the stock market and things
moving on over to the blockchain near the highs.
He's been pretty quiet recently if you guys haven't noticed.
But speaking of ETFs, we did have close to $3 billion in trading volume for the BTC spot ETFs, which might seem big for 24-hour volume for us that are involved in crypto. peanuts in comparison to how to how things like Apple trade on on a daily basis one or two good
days or three good days or even a week or two of good volume on spot ETFs for Bitcoin is nothing
in comparison to the amount of money flow that comes in and out of things like the QQQ, right, or the MAG7 in general.
And at some point, you'll probably see in the next 20, 30 years, 24-hour volume on things
like BTC will far succeed volume that the MAG7 does in the near future. At least I think, right?
I'm that optimistic about the space.
But that's kind of my opening statement, guys.
It's pretty awesome to be back here with you guys to talk markets and stuff.
But Donnie, man, I hope you're feeling better, man.
It's going to be a great discussion. It's going to be a great discussion.
It's going to be a great catch-up space, a great weekly wrap-up space.
Things are looking bright.
Things are truly, truly, truly looking bright, y'all.
NDCs have marked up over, not over, but close to 900 points.
And BTC is up essentially 24 bands off the low.
Percentage terms, it's probably like 40, close to 40%.
You're talking about a 40% move in less than a month
in an asset that trades in trillions in market cap.
And like we've said on these spaces,
when you see something like gold rally for months and months,
and you see something like Bitcoin doing nothing but chopping to the downside
and having these volatility events where bulls get absolutely crushed,
and you think to yourself, man, if gold is rallying, why isn't Bitcoin rallying?
Eventually, the narrative changes.
And once again, we were mentioning the correlation between the gold and Bitcoin price last year
where you saw gold absolutely destroy BTC to the upside from March all the way to August.
Gold was ripping to new highs week over week, month over month,
while BTC was just in the tight range.
And eventually, once gold had that local blow-off,
all of that narrative got put into BTC, right?
And the narrative outside of that was BTC is going to be incredibly bullish during the
Trump administration, pro-Bitcoin House, pro-Bitcoin Senate, yada, yada, yada, yada, yada.
And that fueled our rally from $48K to $110K, right?
And now, what's the narrative?
You know, BTC can't be tariffed, right?
We can left curve it and talk about it like that.
But we also have DXY acting like a shitcoin, to be honest.
So we have DXY acting like a shitcoin, rugging.
We have gold already hitting its local bull off top, kind of distributing here and there.
And a ton of volume being poured into these spot Bitcoin ETFs.
Michael Saylor raising some money.
And of course, we have one of the best recoveries in the stock market in decades, right? And it's crazy
how like, after shocking downsides, people are really skeptical of shocking upsides, right?
When in reality, we should be thinking to ourselves how to be perpetually optimistic long term right because if the
entity markets are fucked everybody is fucked not not not to be doomers or not to curse or anything
but the reality of it is the federal reserve is not the federal reserve or the powers that be
whatever entity you want to blame for price action in these entities,
which are mostly controlled by algorithms and bots,
you kind of have to think to yourself that they're not going to let another 2008 happen.
And we've seen what they did with COVID.
We saw what we did when there were Forex crises at the end of 2022.
And, of course, we saw what Yellen did also towards, I think it was like October of 2023 with the QRA.
But nonetheless, guys, we're going to go ahead and get the show officially started.
That's my opening rant.
And Donnie's going to be up here with me today and we're gonna put on a great show for you guys but before we officially do that guys i want to welcome you all back to market talk hosted by us here at
because bitcoin and i'm grateful for all of you that are tuning in right now live or those that
are listening to the recording i don't take any
of this for granted and honestly guys it has been a wild ride over these last few years whether the
market is melting upwards downwards or doing nothing in a massive range as we've seen you know
that kind of environment could happen um very similar to what we saw in 2023 from March to August.
Same thing last year from March to August again.
But we do have many things that we've been talking about here on these spaces over the last few weeks which are indicative of us actually breaking out and actually making new all-time highs over the summertime.
But guys, if y'all can go ahead and show some love to the space, show some love and support
to the brand, the best way that you can do that, guys, is by clicking the spaces tab.
And once you see the spaces tab that's just above our profile pictures, you'll see a little
link that says x.com slash i slash spaces
yes then go ahead and smash up the like button and also most importantly please please please
smash up the retweet button click that repost button as it does a number of things helps out
with the algorithm and stuff like that so for the next hour myself and donnie and potentially
a few other people are going to come up and talk markets. I see
Grant is also up here. Grant, I'm sure it's going to be a tremendous show having you up here.
And man, it's quite crazy. I remember before I officially passed the mic over to Donnie and
Grant, I remember a few weeks ago on that Sunday, we had Uncle Joe hosting a space and also Peter Schiff hosting a space and, you know, a few other TradFi guys that have been in markets longer than I've been alive.
And I was mentioning, guys, isn't this the time to start being optimistic when you have the S&P having a drawdown of 22, 23 percent in less than two months, the Nasdaq having a drawdown of almost 30% in less than two months.
Isn't it time to get excited over the last 15 years,
any time the S&P has drawn down over 20%?
Within two quarters, asset prices are trading much, much, much higher.
And with the confluence of gold rallying to new highs week over week, we could
be in for some volatility to the upside this time. Just as we've melted down over the last two
months, we're probably going to do the inverse of that. And here we are trading 900 points higher
on the S&P. The queues are doing great. And the future really looks bright, especially going into this FOMC meeting next week, where right now the Fed isn't projected to cut rates as of now.
But nonetheless, I want to welcome you guys. Spaces are recorded.
So, Donnie, man, I want to welcome you back up here. I'm glad you're feeling a lot better.
We haven't chatted in almost a week now since friday or or last wednesday um but
man how are you feeling talk to me man it's gonna be a great show lots and lots and lots to discuss
that thread that you have uh on your profile has aged um quite well man and you know it's
gonna be great to catch up and talk markets.
Hey, brother. Thanks for having me back here. Feeling a lot better.
The last couple of days healed up pretty well. I was just coughing a lot, so I didn't want to come
onto spaces and have to mute the mic every three seconds. But yeah, we're back and the market's
looking pretty good. So I think actually the last time we spoke was
just after we popped from the lows um i'll just quickly share this chart just so everyone has
like a visual image of kind of the picture right now how i'm viewing it but you know we ended up
bottoming uh we had you know a lot of chop a lot lot of fake distribution setups on the Bitcoin chart that just ultimately led to just God candle follow through from those bottoms.
But you have to understand what's causing such sharp upside from these levels.
Because if you're looking at it purely from a technical perspective, you're going to get tricked into, ah, we're going to pull back.
Ah, we're going to go lower. ah we're going to pull back, ah we're going to go lower, ah this, ah that
it's the fact that this dip that we had
was actually a narrative assisted
bearish move, so when it's a narrative
assisted bearish move and that narrative starts to flip
you're actually correcting from that extreme low point
back up to the upside
but also the move that we had to the downside
was actually due to that DXY blowout to 110,
which caused a global liquidity hiccup.
So this correction was largely overdue.
We were watching it throughout the entire top
of the Trump inauguration.
And you could have argued that the dip actually happened
when we flipped
just a little bit defensive on December 16th from the hawkish Fed meeting, where they projected
less cuts for 2024, and they kind of had a hawkish stance on Trump's inauguration, things like that.
We're thinking, okay, potentially we could have some sweeps of the lows, sub 90k, all the way
down to like 85k. That was actually my base case.
I had like an 80% chance of that playing out. But this narrative assisted move was not a black
swan because you could kind of see it coming. It was a bit of a gray swan if you had to give it
a color. So we had the lowest probability outcome of going to $73,600.
That was my absolute bottom price for BTC to maintain the weekly structure on a high
timeframe.
And we got that outcome, which sucks.
But it also gave a lot of opportunity.
So at those highs, just above $90K before the inauguration we're thinking uh you know i posted the charts and stuff to sweep
89k on the day of the inauguration to have that as a bullish catalyst to actually get us off of
the lows but instead we started hype pumping into that uh event about a week out you know you're
just seeing uh media outlets spamming trump's gonna do this executive order that executive
order this for crypto that for crypto which ends up hyping price in to essentially fill shorts and send price lower which is what we
got which sucks and from there you know we had plenty of accumulation setups up there which you
know you have a confirmation point where you need to get above it to actually for that to actually
play out and you know we're trying to set up the timing around the FOMC meeting in March.
None of those hurt.
We thought, okay, at the worst, potentially sweep 85k.
That was the base case.
We got the 85k sweep, but then we got follow through with what's happened over the last
couple of months.
But nonetheless, the bottom was pretty obvious, even from a sentiment perspective.
It was just deeply, deeply, deeply bearish, while all of the leading indicators that actually
led to the correction started flipping back to bullish.
So that's what gave us the confidence to look for a bottom and not look for lower, because
everything had flipped positive with the leading indicators, and the most offside trade was
with the leading indicators.
And the most offside trade was actually upside.
actually upside.
Plus you had a textbook technical setup
for an accumulation right above that demand zone
at 73,600.
So overall, it played out.
And now you have to understand where we're at right now.
So on that post, I've basically written,
because it was a narrative assisted bias to the downside.
The issue that I have from pullbacks from here, even with the stock market, is that now you've
got improved liquidity. So you're in a better spot than you were back at those highs. So technically
you should be at those highs, not at the all time high, but around that upper band area.
You can clearly see a bit of a rotation back to risk
as gold had its blow off top.
And you mentioned, Wabi, about gold a little bit earlier.
Now looking back into it,
what were we being told at the highs?
Central banks are top-lasting gold.
You can't get any more bullish than that.
It's a very good trap to actually cause, whether it's a prolonged top for gold or not, I don't know.
But it's enough to at least have a cool-off correction period, which can lead to liquidity shifts to risk, to BTC, which we saw in the election rally.
Literally November 1st, when gold dropped 9% and traded sideways for a while,
you had a 60% pump on BTC. Plus, over the next three months, May, June, July, you've got three
consecutive Fed meetings, which I believe that's where you're going to get your risk on window
to open up. Likely NQT, likely data comes in softer for them to actually want,
well, for the bond market to start pricing in rate cuts.
And ultimately, the Fed will also lower rates from that.
So I think prices are correcting to the upside with better conditions now.
And people are still very largely offside.
Every single local level on the chart, all I see on the timeline is, this is where we reject. This is where we reject. This is where
we reject. Whereas you should be looking at it with a bullish bias of, this is where we likely
reclaim. This is where we likely reaccumulate to go higher. You should literally have a bullish
bias with an invalidation, not a bearish bias, and constantly getting priced out of the market. So yeah, I feel like we might not have gone high
enough just yet to quote unquote trap bulls. Everyone's been looking for a bull trap since
like 80k. And I feel like if we do start to squeeze 5800 on the SPX, that's a very big market structure break for the stock market where a lot
of people would actually tend to flip bullish at that level. I feel like there you could potentially
get a pullback on the SPX and subsequently BTC will have a little bit of a pullback as well.
It's just I think it can squeeze a lot higher. Now, technically on that chart, we have kind of a last point of resistance
from 98 to 99.5K.
But above that, you've basically only got liquidity
for Bitcoin to squeeze and a lot of it
all the way up until 103.5K.
So, you know, you might get the pullback here.
I'm watching the low timeframes,
but you can also very quickly squeeze to that 103.5 as the stock market is actually looking like it wants to reclaim that area where I could it's still correcting to the upside.
And like I just said,
it's still not high enough for people to flip bullish
for then there to be a pullback, right?
When the majority start to flip bullish
and the order book is massively green
is where they start to eat decent pullbacks
before continuation.
So yeah, just watching to see
if we go through this 99.5K level,
it's deeply liquid for Bitcoin to just shoot to 103.5
and then pull back some.
So that would mean that the likelihood
of getting these obvious retests back down at 88.8,
for example, which was the obvious market structure break,
I think that's super unlikely if you hit 103.5.
More likely you hold these local levels
or at least something around 91.3,
which is kind of like the bottom end of the range
that we were just in prior to this pop to like 97 point something.
So ultimately the picture over the next two months for me
is still a new all-time high for BTC and start shooting into price discovery from there.
And the timing is looking correct to me on the chart.
No matter how you draw it, no matter how much sideways you really put on this chart, that's actually warranted, not just like random lines with context outside of the chart.
It just seems like a new all-time eye in May through to June,
somewhere around there, it could be as early as May
or as late as the end of June,
is more likely than anything else in my view.
And yeah, the SPX is just a funny one because, you know,
a lot of people were trying to play both sides of like,
I'm bearish SPX, bullish BTC
to kind of fit both biases.
But now you're having just a clean rotation back into risk
and SPX reclaiming key levels,
which is just interesting to see, right?
Because I thought we were repricing stocks to the downside
and BTC is going to act like gold for this cycle.
And hopefully it goes up because it's decoupling.
But I don't think that's going to come just yet.
I think we're many years off of that outcome.
And something very big would have to shift and shock the market,
which with these tariffs and stuff, you could argue that that's it.
But with the recent, I would say, pullback on the harshness
or the tone around this, we can see that
that kind of shift might not come anytime soon.
So yeah, we'll see.
I like how the narrative has flipped on that because that was largely what was causing
this deep sell-off.
But we kind of got a glimpse of how much the financial system can
handle when something that shocking does come into the market. And it didn't last very long.
It lasted about a week until bond markets started to get extremely volatile. Even the Fed would,
they had stated that they would intervene to help stabilize the market
and all this kind of stuff.
But yeah, overall, like everything I posted on that thread is playing out with some deviation
to like what's happening around the Fed and the bond market.
But ultimately, the picture to me is that easing is coming.
We likely get follow through on all of the leading indicators.
Yields, DXY, kind of like the broader macro picture globally starts to play out.
My only concern with topping out in September or around there
is if the Fed doesn't essentially step into a large degree
to kind of aid this whole situation.
If they're giving, you know,
25 basis point cut here, another 25 basis point cut there,
that's not enough to improve the actual, like,
deep liquidity issue that the US is facing right now.
So if they don't act in a big way before then,
I think you run the risk of slipping pretty badly.
And, you know, you essentially have a blow off
top leading into September because the market's going to front run or react positively to any
sort of easing, but it's not actually going to be significant enough to save what's going on.
So we'll see. The Treasury and the Fed have both stated that they have the tools to act if necessary, but we'll see what kind of follow through we actually get from that.
But if we do get a meaningful amount of intervention from both the Treasury and the Fed, then I'm seeing that the cycle could last as long as the full half of 2026.
So we'll see. Prepared for every scenario.
The charts will also tell us, along with the leading indicators, along with, you know,
statements from the Fed and the Treasury and all the economic data.
Donnie, man, when we talk about cycles, are you talking about, like, you know, these mini
about like you know these mini bulls and mini bears happening between one another are you talking
bulls and mini bears happening between one another?
like so so so you mean like full 12 month 10 month corrective phase corrective yeah correct
corrective like oh like for oh when i say cycle top yeah yeah yeah i think it'll last many, many, many months. Like anywhere from
6 to 14 months.
Jeez, that would not be fun, man.
It just depends.
There's so many moving parts as to how it could play out.
But if I boil it down to two scenarios,
it's either you top out in September because something breaks
and these tiny little increments of easing are just not enough
or they actually step in in a big way with easing,
creating new dollars to assist the system here
or you run the risk of melting down pretty hard.
So I hope they step in in a big way because we'll have our actual global liquidity cycle
play out, which tends to last anywhere from like 6, 12, 14 months.
And likely if that's the case, then you're not going to go through a very scary deep
bear market.
But if we do top out a little bit earlier,
around September, October, or whatever,
yeah, it's not going to be pretty, I think,
which sucks to say, but that's just the nature of the game.
Yeah, we kind of play it by ear.
The bad thing about that is they're going to be forced to act
once things start to melt down.
If that happens, right?
I'm not calling for that to happen.
If it happens, you're going to have to go through a very big kind of save the system moment,
which is not going to be good for the average person.
It's going to be massive if you capitalize on the top and then subsequently the bottom
and you get to ride a massive inflation wave on disgustingly low asset prices, that's huge if you get that.
But it's just it's just an awful picture.
Yeah, it's kind of like the edge that we have as market participants.
You know, we root for QE because that means we get to take advantage of upside.
Because that means we get to take advantage of upside.
But for the average person that's living paycheck to paycheck, they're not going to be able to take advantage of that situation.
But all we have to do is look back at COVID.
Dude, we think to ourselves, everyone using their their stimulus checks to buy asset
prices when the reality of it is there was a certain percentage of people that used it to
buy everyday goods or simply they blew it all on an iphone yeah you know but um and uh grant are you there brother what's going on man welcome I think you
pressed I think you press the request button by mistake unless he's active on
your end Donnie it shows that grant is okay okay granted if you're speaking
right now I'm not I'm not able to hear you, brother.
But as far as stuff in the real world, Donnie, if we want to talk about consumer spending and that have an obscene amount of amenities and what happens is that like they've opened up these new
sky rises these new insane super expensive projects and they have like over 75 80 percent of the units empty right a ton of vacancy and
most of the people that are leasing in these buildings they they end up breaking their lease
they end up staying like two to six months and it's gotten to a point where a lot of these like new places are offering upwards of like four months of free rent.
Right. And you think to yourself, like, man, if they're continuing to build all these new properties, right, whether it's rental properties, whether it's commercial.
Right. I've seen a lot of commercial properties as well like just not gain any traction and these people that try to open up stores in these lots they end up closing down
in less than a year and it's it's sort of like two different realities it seems um whether
you're playing markets and you're seeing all these metrics to capitalize on and then there's like the quote
unquote real world market right and uh both myself and grant we stay over here in miami and i'm sure
he's seen some very odd things happening uh down here in south florida you have certain places that are now decreasing their rent by a substantial amount and all that value right
you know all that obscene frothy value is moving on over to cities where there's just no notional
buyer right like they're just going to be more half-empty buildings, right?
I'm not sure if you've ever been here, Donnie, but there's this really hot city called Brickell,
and rental prices were like $4,000 or $5,000, and now they've moved by like 20% of the downside. And those same prices, right, to either rent out a unit or to rent out a place to open up, you know, small business have now moved on over to other sectors in Miami where it's like,
like, why do you think you can move that same demographic over to this part of the county where
your average client makes far less than people that you know live in
this certain zip code right it's it's really strange man it's it's we we are definitely in
in some weird times and maybe we can call it like you know all that money that was created during
covid kind of relaxing a little bit right and i guess it goes
back to like the way the altcoin market has reacted over the last few years where yes we
have seen some altcoins going to you know some crazy valuations but we can both agree that like
But we can both agree that, like, I guess, quote unquote, retail participation is not as high, if that makes sense.
Or the same kind of retail is not active, right? because there's quantitative easing and because there's ZERP and because, you know, tech is the
place to be exposed to against a depreciating dollar, right? At some point during COVID,
there was a collective thought. We were all in agreement that if I'm not exposed to these
capital markets, my purchasing power is going to get crushed sooner than I think while my rent is increasing.
And now what we've seen over the last 12 months is rent is going down.
Food prices are going down.
But yet many people aren't able to capitalize on it, on that.
Right.
And now even houses are undergoing foreclosure
You know someone buys a house at like one mil and they foreclose at like 400k
I saw a post about that on on my ex timeline. So they're they're they're essentially
Going through shit coin losses, but in real estate
Yeah I know I ranted on there for a bit But in real estate. Yeah.
I know I ranted on there for a bit.
Yeah, I'm not an expert in the housing market or anything like that.
But I largely agree.
Yeah, I largely agree that it's basically just inequality is just going to get worse. And as these cycles continue with the system that we're in, in feeding a debt monster globally it's just going
to get worse which sucks which forces people to speculate on markets and you know now you have
larry fink selling you the solution which is btc but yeah that's a whole a whole nother deeper
topic but i shared a couple of things in the Nest.
For some reason, anytime I join Spaces, I can't see the Nest.
So I have to just quickly go and find what I just shared.
Give me a sec.
Oh, I think I shared the ETH BTC and DXY chart, if you guys go on that.
Not the most recent thing I shared,
the one just before that.
I'll just explain it real quick.
But yeah, because everyone's waiting for like old season and stuff
and you kind of discussed how retail in the way that we know it is not here
and it's mostly due to just people not having,
well, the general person not having money to throw into markets just yet
and you need improved global liquidity conditions for that money to trickle down into retail pockets
for them to actually have enough saved or whatever to be able to actually use it in markets.
Or if it's just coming from credit itself because credit's cheap.
So yeah, we haven't had that for the last three years. Because if you look at that chart, just look at DXY, right?
Just even visually, you can see how much of a blowout it had above a very significant level, which is 100, where you maintained above 100 for the last three years.
So you can literally see how that affected ETHPTC, which is basically, let's just call it like retail interest in the market, has just been shattered over the last three years because the global liquidity picture has been shattered by a strong dollar.
And this is even where the hiccup came in that we were expecting a correction from the recent blowout to like 110.
And now we've obviously nuked.
We had that PO3, we nuked, and we're below 100.
So I kept saying I don't care how this thing gets back to 100
because it's a mean reversion.
It shouldn't be this far above.
I don't care if it's because people are dumping US
and they're buying gold.
Doesn't matter.
It's easing financial conditions.
So if we have this thing trending towards 90,
then I think we're going to eventually get to the point where we do have high retail interest,
but it's going to be at much higher prices.
I see some people trying to argue like,
we're going to roll over here, we're going to roll over there.
We might poke our head above 110,
and then that's the cycle top and all this kind of stuff.
But you have to understand who's the exit liquidity for such a big distribution phase, let's say. The people who are pushing price up to 110 now or 120, 130 are literally like,
you're seeing institutions pick this thing up. I even saw one of the top CEOs of mining firms confirming that
countries have actually started buying. We know, was it Abu Dhabi started buying BTC, right? So
you're actually having these people allocate to this asset class while liquidity conditions are
improving. So these are the people that are going to be shoving price higher, but who's going to be
buying the top, just like who bought the top of gold, right?
It's typically retail.
It just needs to go high enough.
So I don't think you're going to get exit liquidity interest, let's call it, until you're at much higher prices, at least 138, I would say, for BTC.
And well above that before you go through a high time frame sort of distribution, right?
before you go through a high timeframe sort of distribution, right?
Especially if you have DXY about to confirm kind of this debt refinancing period,
which subsequently just means risk on for these sort of markets.
So based off of the last two cycles after DXY lost 100,
Based off of the last two cycles after DXY lost 100,
that period of risk on or euphoric market conditions
lasted at least six to nine months.
So we'll see how DXY trends towards 90, if it does or not.
If it struggles to and it kind of just deviates this low
and stays, let's say, around 95 and never really trends towards that 90
with a clear downtrend.
It kind of ranges under 100.
Then that's where I'm going to be suspicious of like,
potentially we're actually going to cycle top around September.
But if it's having a very clear pronounced downtrend towards 90
and finding a base down there,
then I'm thinking that
we're going to last until the first half of 2026. So it sucks that we have to keep waiting for this
to play out. But we just had to deal with such a problem after COVID, as you can see on that DXY
chart, to where ETH BTC is still going to take a bit more time before it can flip, but I think we're almost there. If you look at Bitcoin dominance, even though it's going up right now, I was saying to my guys, I don't really care ready right now, of actually when we do go into this
risk-on environment, specifically in crypto as well, BTC tends to lead with high dominance
and eventually it gets to a psychological point where everyone has a number that they will sell
any given asset. Once it gets to that level, let's just call it 150k, people will sell.
The risk on environment will still be there.
They'll still want exposure to the market.
They just want to make more multiples elsewhere, the rotation that we know.
So it gets to 150, a bunch of people start taking profit.
That causes a correction on the chart.
But the risk on environment, the macro picture is still there for you to bid risk.
So what do you do? You throw it into ETH,
sold, whatever, something in this asset class that's still going to remain hot
and BTC will still go higher from where you sold
but you just want to make more multiples. Why hold BTC at 150k
if you think it's going to top out at 200 but ETH is only at 2k for example
and you could make a quick double on ETH.
That's the psychology of how the market trickles down lower and lower until it's at the bottom of the risk curve,
or at the highest risk asset in the class, to where the cycle finally wraps up because there's no more gains to be made.
So if BTC USD is going up with dominance going to 70 and it's still dragging
up the rest of the market, just a tiny bit, right? I think that's going to be fine. But you don't want
dominance to continue smashing higher and higher while BTC is correcting, which that's just going
to make alt's bleed even harder. But because we have the context
of higher prices for BTC,
I think whatever happens to dominance
isn't really too important.
But if it does go up with BTC going up,
that's actually not bearish at all in my view
because it's played out
every other time that BTC leads
with high liquidity
and it just gets to that point
where people start rotating
because the number is too high.
Well, Donnie, we have Uncle Joe up here,
and he's not believing our thesis that this is a melt-up
happening right before our eyes.
Uncle Joe, I finally got you, man.
I finally got you. bobby how are you doing
this is gonna be a fantastic conversation you know joe bearish yes yes joe is telling me
at at 5300 at 5300 puts are gonna crush it. Puts are going to crush it.
This is not a melt-up.
And I remember, and Joe can attest, because I went on his face on that Sunday night,
and T-Bond's Tina was yelling at me, saying,
the Fed doesn't care if the S&P has a four, not even if it has a three.
What are you talking about?
It was probably the most entertaining
space i've ever been a part of honestly um but i let's i want joe to make his case but before that
joe how's your friday looking how are you feeling man i'm feeling good i'm feeling good i'm running
a half marathon tomorrow it's been a really stressful day at work, trying to unwind tonight. I might have a diet ginger beer. I don't know. Maybe things can get crazy. I have to get ready for the half markets. I disagree with the melt-up thesis, as you may know.
I expect a lot of chop throughout the remainder of the summer here, really.
I think, you know, you're not even back above the 200-day on the S&P 500.
And just for the record, like, I called the bottom in real time. I just put the tweet in
the nest, the day of the bottom for equities. So, you know, I'm not, I'm not been perma bearish the
entire time. I think that you have a lot of headwinds in front of you. I think you're not
going to see markets just go berserk at any point during this summer.
I think Bitcoin can make a new all-time high.
My target for the end of the year of Bitcoin, well, not the end of the year, but my target for the high of the year in Bitcoin is $130,000.
I've had this for months.
Go back and look at my timeline for January.
I think we're going to clip $130,000.
I think a lot of alts are going to continue to struggle.
I expect Ethereum to continue to struggle. So you're going to have this choppy000. I think a lot of alts are going to continue to struggle. I expect Ethereum to continue to struggle.
So you're going to have this choppy sideways market where there are certain winners.
I think the equity market is going to do fine.
You know, my end-of-year target for the equity market is right about here.
I don't think we're going to be, you know, barreling towards, you know, $7,000.
Could be wrong, but I definitely don't see a melt-up.
But I definitely don't see a melt up.
So I wouldn't in any way call myself bearish.
So I'm not I wouldn't I wouldn't in any way call myself bearish.
The reality is that the market's going to have a ceiling on it for a variety of reasons we can get into.
But that's not a reason to be bearish. Right.
I'm a long term investor. So I I've held through dips and ups and downs.
And I was I was publicly, you know, very going hard at the bears.
I mean, there's this guy uh tony the bull bitcoin guy whatever
that was telling me bitcoin was going to 60k and everything's falling apart and i was
vigorously arguing against him but i will argue just as vigorously against the
completely delusional bulls who are saying you know we're going to 400 000 this year or any sort
of crazy number like that that That doesn't make any sense.
And yeah, you should be cautiously optimistic here. And I think that you can really make a strong case that equities are really going to blow the doors off and overperform. And I will
fully admit this when we start successive closes above the 200-day moving average.
Until we're above the 200-day moving average,
you should look at it sort of as a choppy, sideways market for the foreseeable future.
Joe, and that's at like 5,800, isn't it?
Yeah, you got to get back over the 200-day.
I mean, we felt like a rock.
And again, I was in spaces with you telling people that people were freaking the hell out about this. Like, I think there's, there was no fundamental
reason for us to fall that rapidly. And the problem is that the reason we fell is because
people thought Trump was going to trigger like a, sorry, I got a call can never come on your space.
But I was saying is the reason
why people were freaking out is because they thought Trump was going to be true to his word
and not pivot on these tariffs. And what did he do? He pivoted. Okay. And then the market rallied.
So, you know, it's not a coincidence. Like there's clearly, it's not a fundamental, like
the economy is going into recession. They're locking everything down. This is an, it was a
narrative driven decline based on the tariff discussion.
And it's been a narrative driven rebound based on softening of the trade policy.
Now, the question is, does the narrative transform into something fundamental?
Does unemployment start to really pick up?
Do you actually see initial claims rise and rise precipitously?
Because 4.2 percent we got today,'s not like you know historically that's very
very low unemployment um so you know again like i don't think anybody should be like overly
optimistic here and i don't think you should be overly pessimistic should be nice even keel and
just uh you know enjoy your friday night yeah you know joe's actually joe's actually right there
right the only problem with that is once you do get your confirmations,
prices are just going to be way higher.
So that's why it just paid to be a bull at the lows and actually position.
And if you did buy the lows, sure, now you can be chilling on the sideline
watching all these low timeframe pivot points,
waiting for the macro picture to get better.
But that's the setup is when it gets better, it's going to be much higher.
Donnie, Donnie, I want to emphasize this.
It always pays if you're buying quality assets to be a bull.
Always, right?
We know that quality assets rise over time.
Whether it's the S&P 500, the NASDAQ, total market indices,
it always pays to be a bull.
The ones who need to call it perfectly,
if you're dabbling in real low-quality assets that don't necessarily always come back, or maybe they're only one-cycle assets, they're not multi-cycle assets, that's where you've got to actually time tops and bottoms.
But high-quality assets, I bought Bitcoin probably in every 10K range.
I bought Bitcoin at 1K.
I bought Bitcoin at 70K.
I bought Bitcoin at 90K. I mean, at 70K. I bought Bitcoin at 90K.
I mean, you know, I don't really care.
What do I care?
Yeah.
No, I'm just arguing that that's the actual setup here,
is that by the time things get,
that's what's going to fuel like a blow off top, in my opinion,
is by the time all the smart people actually realize
that the picture is getting better,
you're just going to be much higher.
By the time that confirmation comes, BTC is likely going to be at all-time highs.
So if you're waiting for that to get better, for example, if you're fully risked off,
which most people actually were, then you're forced to buy higher.
And that's what fuels the propulsion even higher from that point.
the propulsion even higher from that point so yeah i just think you know over the summer period
while you while you do start to get those confirmations it's just going to slip away
and you're going to be forced to buy at all-time highs and like that set up with 5800 at uh on the
spx for example if you were a trader uh joe if it went above 5800 which is that the area where you'd start buying i mean
i bought calls under 5k so it's kind of hard for me to even answer that i mean i i've i i still
have a tranche of those things open but you know so like i i i bought based on that i mean to me
about 58k like i want to see confirmation i mean but but again but again, I have a huge bag of VU, which is the S&P 500 Vanguard fund.
I've had that for years.
So I don't really think of the market that way.
I'm not a short-term.
I mean, I'll do swing trades, right, occasionally with leverage, with options, etc.
I don't trade Bitcoin because I think it's silly. silly um but um you know to me like i right here i see way more attractive trades than s p uh than
uh really um anything crypto i mean crypto there's far more interesting trades out there than me
in the rates market yeah fair enough i think that uh 5800 level is where a lot of people would
actually get trapped into longing and that's where you get the pullback. But I just feel like you're going to start shooting up much higher probably in around June, July latest for the S&P. Probably break the all-time high. Personally, that's what I think.
Do you think the S&P 500 is going to break the all-time high in June? Is that right?
July at the latest, end of July.
Same here with me, Joe.
Based on what?
Technicals? Purely technicals?
The technicals,
even the macro stuff that you're talking about,
I think three months,
give it three months, and that's going to change.
Joe, it's...
May, June, and July.
What macro stuff?
You think tariffs are going to go away?
No, tariffs is the narrative.
Well, I think they're definitely being softened,
but more so yields coming down,
DXY continuing the downtrend towards 90.
Yeah.
Okay.
Fair enough.
I think the S&P has a probability of making an all-time high in the summer
because it just went down a lot. summer because it just went down a lot.
What?
It just went down a lot.
That's a pretty good argument.
So you're not looking at earnings or anything fundamental like that.
It's just...
No, no.
I got them.
I got them.
I got them.
I got them.
Speaking of earnings, Apple beat, Microsoft beat.
I don't know where like, you know, any narrative of an earnings recession is going to happen when you have millennials about to enter an age where they're about to make the most amount of money that they're going to.
And if their wages are about to increase,
then they're going to keep buying tech.
You want to know the top trade right now, Wabi?
If you want to actually become a legend.
Joe, before you tell me, if it's something to do with bonds,
I'm going to have to hit you with a dad joke.
I'm going to have to.
No, no, it's not bonds at all.
Okay.
I bet none of you will guess my top trade right now.
Far coin.
It's somewhat of a contrarian trade, but I think it can print a boatload of money.
Far coin.
A boatload.
Far coin.
No, come on, man.
It's a boomer trade, but're you're you're not even see
this this tells me i i scan like 1500 symbols right i have like little things that pop up and
um in my indicators like what what's interesting to look at there's one trade right now that is
screaming gold miners an epic epic short position you're very close very close it's screaming epic short position is it gold gold yeah gold like
wabi grow up grow a pair and put on a monster gold short right now that's what I want I want
you to put on a monster gold shirt not financial advice but if you were to do it I feel like it
be good for your finances what's your bottom price for gold uh joe on this short um i i think gold
would be good for your finance what's your bottom price for gold uh Joe on this short
personally is going back uh well i was looking at the gld let me just make sure to get this uh
so it would make tons of sense for gold to head back down to 2800 and base there yeah i agree
that's the pre-election high right but the thing is
gold is very volatile right like if there's a panic in gold if first of all
if you're right there's a great there's a nice trade out there right nice pair
trade of like short gold long equities that's exactly what I just shared to the
nest for you Joe oh no you're stealing my stuff man exactly exactly what
you said right down to that level and btc goes flying yeah btc is going to crush gold see all
all these boomers are going to be like why am i holding the dirty rock i could actually get some
bitcoin but and it makes no sense right like these guys are going to wake up i feel like this is going to be the year where the gold bugs finally give up but joe central banks central banks are top blasting gold so
i should be long people say people say that i mean i hear that all the time like there's this guy that
goes on these doomer podcasts and he's like i've been to secret warehouses of gold and i've seen it
all and the chinese have got. I don't believe it.
I really don't.
I mean, you can.
Yes, they are at the margins buying.
But like U.S. as a percentage of GDP owns one of the lowest gold holdings it's had in history.
Right.
I mean, there's a lot of countries like that.
They've depleted their gold supplies.
Yes, there are some Asian countries that are predominantly buying.
But like, I don't know.
I just, to me, I feel as though like the Bitcoin gold
trade is really fascinating that's another like long Bitcoin short gold that's another that'll
print that'll print yeah I fully agree and the charts are 100 saying the same thing Joe what
about a monster long because we're talking about shorts right what about long like if you had to
what about long like if you had to what's your biggest long right now joe i mean i i i've said
this publicly like many times my biggest long is always bitcoin i mean but that's been for years i
mean and i've had a i've had a seven-figure position leverage leverage old leverage no i
said short gold so i want to talk to be clear i don't have that position on right now um I guess that my options
play on the spoo the spoo's would be the biggest one right now I mean that's hang on Joe so you
wanted me to be a guinea pig to short gold is that what I'm hearing well well here's the thing
every time every time I come into these rooms listen here's the honest honest to God truth
guys I come into these crypto centric rooms and I hear these people just whining all i need is 100x and then i can retire well i don't need 100x okay i need a 4x or 5x that's like that that's
the reality and you shouldn't be swinging for 100x but you are always looking for the fences so if
you want to look for the fences and you want some monster trade you know like you know go do you
you know go do you that's not me i don't i don't swing for the fences on a lot of this stuff because
that's not me i don't i don't swing for the fences on a lot of this stuff because i don't need to
i don't need to hey joe can i ask you a quick question uh yeah one quick question then i gotta
go get my marathon packet here yeah last night in your space that you hosted you were touching
on no you were in there i was really sorry about that no it was great and then it got derailed and
it was it had potential but um you were touching on paper bitcoin and why you had a some sort of
debate with somebody in a
prior space and why that term bothered you and i was curious you know your thoughts yeah it's it's
it's a complete it's let me go real quick here okay it's completely silly the term paper bitcoin
first of all if you're in the ftx situation and you're actually selling people quote unquote
bitcoin you don't have that's not paper bitcoin that's fraud you're just basically conning people
into saying oh yeah we've got bitcoin it's not actually there that's not paper Bitcoin. That's fraud. You're just basically conning people into saying, oh yeah, we've got Bitcoin. It's not actually there. That is not paper Bitcoin.
People were claiming every single thing that has Bitcoin that's not Bitcoin is paper Bitcoin. For
example, I was triggered because they were saying, oh, MSCR, that's paper Bitcoin. It is not. You're
not buying Bitcoin. You're buying an equity. Same thing with the Bitcoin miners. You're not buying
Bitcoin. You're buying exposure to them in an equity. Same thing with IBIT. They were saying
IBIT, that's just paper Bitcoin. That's complete garbage. When you buy IBIT, you're not buying Bitcoin, you're buying exposure to them in inequity. Same thing with IBIT. They were saying, IBIT, that's just paper Bitcoin.
That's complete garbage.
When you buy IBIT, you're buying shares in a trust which hold Bitcoin.
It's not paper Bitcoin, it's a claim on a trust which owns Bitcoin.
And people understand that.
And people were making this argument, oh, all this paper Bitcoin and all these derivatives
and all these, they were mixing and matching all these things, Mr. Shithousery.
And they were saying like, oh, because of it, it's suppressing the price.
And this is the same nonsense we've heard from the gold bug people for decades.
Suddenly, all the efforts to suppress the gold price have disappeared over the last year when gold's been going on a tear. No, the reality is that gold underperformed because there was lack
of demand for gold among regular people. They were bidding stocks in the NASDAQ, etc. The reality is
with Bitcoin, I don't care how much paper products
there are. I don't care if there are derivatives or futures. At the end of the day, in those
markets, what actually moves the price of Bitcoin in the Bitcoin reference rate with the CME futures
is Bitcoin. It has to sell on exchanges. Somebody has to either buy or sell to move it. And the
notion that derivatives or some sort of paper products manipulate the price is complete hogwash.
That's not how derivatives and options markets work.
They're side bets, and those side bets require some market maker to hedge with physical spot Bitcoin,
or they will blow up.
And that's the reality.
So why do you think—
Reject any of these doomers.
Well, why do you think Bitcoin is stuck with this moniker?
Is it because it's still new?
What moniker?
Why it's called Bitcoin? No, no, no. The moniker is it because it's still new what moniker it's why it's called bitcoin
no no no the moniker nakamoto no the idea of paper bitcoin i should say because because people get
bored and they they they need a flashy shiny object and they want to make narratives about
oh it must be germany selling all this bitcoin or it must be the united states dumping its bitcoin
holdings or it must be like people legitimately get bored. Bitcoin has a fantastic run. And if it has a month of sideways consolidation,
which is awesome, by the way, it's a great opportunity. People get like, oh, what's going
on? It has to go straight up. It's a naivete and it's a complete like lack of understanding that
markets move and they consolidate. And to me, honestly, the Bitcoin price action since the
ETF launches has been fantastic. You don't see these huge moves. You see it moves up to a range, consolidates for several
months, then moves higher. We're seeing the same thing here. We moved into the 100K range,
then we back tested it, consolidated it. And I think we're moving higher. Like I said,
I think we're going to end the year higher. So anybody who just gets tired or bored or whatever,
they want to make a narrative, tune that person out, just, you know,
mute them and block them and just listen to Mike Alfred.
But I got to go. I got to get my brace packet. Take care.
Joe, it was great having you on. Mike, what's up, man?
Hey, that was nice, Joe, and thanks.
You know, Joe often doesn't have the most positive things to say about some
people. He can be somewhat negative, but I appreciate when he's positive.
And I know he's got a book, some sort of thriller that he wrote that's coming out.
I'm looking forward to checking that out.
It's funny, all my friends have books now.
Lynn Alden just sold 100,000 copies of Broken Money.
And Larry Lepard has the big print.
And now Joe's got a book.
I mean, it's fascinating.
Everybody's got a book now.
I think even Pomp has a book.
Jason Williams has a book.
It's amazing.
Jason Williams copies every single one of my tweets, but yet he still has his own book.
I wonder if it was ghostwritten.
Anyway, Donnie was spot on.
I was spot on. I was spot on. I don't remember exactly when that was over the last couple months when half of the room
or at least 60%, 70% of the room thought that we were going into a serious end of cycle
type of movement in Bitcoin and proxies and crypto and everything.
And then here we are a little over a month later,
and it's very obvious that we're going higher and we're consolidating to go higher. And a lot of the
chart monkeys who were showing you how Bitcoin was going to go back to 50,000 or 60,000 or 15,000,
whatever, are either saying they're heroes and they're going to keep shorting or they've
capitulated and are now posting their bull posting again, pretending like they didn't just scare the shit out of all of their followers
over the last month or two, you know, getting them out of Bitcoin.
This is nothing more than a classic mid-cycle type of correction.
This actually reminds me a lot of like 1998, 97, 98 timeframe.
There were plenty of times during that bull market that finally topped out in March of 2000 where you thought it was over.
But if you got out at any of those times, you missed the next couple hundred percent move.
And I think, unfortunately for the people who sold Bitcoin at 70, 80,000, they're going to be pretty depressed when it goes to 150 over the next few months and then goes to 200 and then 300.
And God knows where it goes now because of the institutional support in the asset class.
It's just a different regime than we've ever seen in Bitcoin before.
The cycle dynamics where you go down 85, 90 percent, it's possible that that bitcoin like i'm never going
to say never if there's like a true global depression but the bid in bitcoin now is just
totally different than it was in previous cycles and so while it may feel slower and take longer
i think the whatever levels we get to might be more sustainable this time around. So sometimes if something comes too quickly and too easily,
you typically can lose it back much more rapidly.
That's kind of like a general rule that works in pretty much everything in life.
The same thing with Bitcoin cycles.
If it comes too easy and the price just spikes and runs
and there's no resistance at all, there's no consolidation,
then you can expect it to come down pretty hard on the back end of it. But if it takes a long time, if it consolidates, as Joe was
just alluding to, in a range and builds support and resistance and sucks in a lot of capital,
builds new higher highs at different levels, then it's going to be a little bit harder for it to pull back 80 or 85 percent again.
So anyway, I'm feeling pretty good because I added a lot of leverage and exposure and not not leverage in terms of margin, but more leverage in terms of options over the last 30, 45 days.
Basically, when it was the most painful and it was excruciating and i knew and i looked at the
screen i'm like these numbers do not reflect reality as i see it and of course i got a little
bit of an edge because i'm sitting there watching the mining industry closely which is the best
barometer for what's happening in bitcoin like don't let people convince you otherwise like
just because microstrategy is hot right now microstrategy is just a simple capital markets
leverage on bitcoin there's no like production value right there's no electricity cost there's
no like underlying infrastructure that's holding that up it's just like a simple leverage on
bitcoin so it behaves the way it behaves it's's a very interesting proxy. I own it. But you can learn a lot more about what's
happening in the guts of Bitcoin by looking at what's actually happening in the infrastructure
space. And I was looking at the divergence between the equity values and what I viewed as like the
likely Bitcoin price curve. And I said, this is insane. Like this might be the most extreme
divergence in value that I've seen in 20 or 25 years. The last time I is insane like this might be the most extreme divergence in value that i've seen in
20 or 25 years the last time i saw anything like this was in february of 2020 going into covid the
natural gas stocks including enterro eqt and range were trading like like no one was ever going to
use natural gas again and that ended up being the bottom and you know and taro went from like 60
cents to 40 dollars
and so i'm not saying that that's what we're going to do here necessarily but the divergence
reminded me of that and and in that time you needed the covid crisis to kind of unlock
that period of time where money flowed into energy energy had gone from like five six seven percent
of the s&p to three percent all the energy funds had gone out
of business nobody wanted to touch energy because all it did was go down and then covet hit and
surprisingly the stocks that were most beaten down actually started to go up and i think we may have
hit that kind of inflection point over the last month or so in the bitcoin infrastructure space
where like shit hit the fan a lot of stocks were down 50,
60, 70 percent, but you looked at Bitcoin and it wasn't collapsing. And you looked at AI and the
demand wasn't collapsing, right? And if you look at AI demand right now, it is absolutely skyrocketing.
And that's now been confirmed on these earnings calls this week by some of these hyperscalers
that are indicating very clearly that the demand is still there so so why were the stocks trading like ai was like a fad
that was over and bitcoin was going back to 40 or 50k i don't know it's fear right it's sentiment
it's it's people sell whatever they can when they get get nervous and you know all the pundits are
out on tv saying there's a huge recession coming and the
tariffs are going to crash the economy and it's the end of bitcoin and we'll never see another
bitcoin cycle again blah blah blah blah but here we are again just a month later first two days in
may were excellent uh the close yesterday was excellent the close today was excellent
i think we're setting up for 100 to 105k bitcoin over the next week i think we're setting up for 100 to 105K Bitcoin over the next week.
I think we're setting up for all-time highs in May.
And then I think we're setting up for 150K as soon as June, July.
And I think when that happens, you're going to see a huge spike in the most compressed
names that are levered to Bitcoin.
And I mean true operating leverage, not just, you know, capital markets
leverage. I mean, leverage to the price of Bitcoin in your operating model, meaning you make a lot
more money along as you go further out on that price curve. We just have not seen prices high
enough to really unlock that type of move. And if you look at previous cycles, when that move
starts, it can go for as little as four to six weeks.
And you can see a doubling, tripling, quadrupling of some of those names.
And I think some of them are so hyper compressed right now that you almost should expect that
between now and the end of the year, between now and Q1.
So I think the story of this year is going to be first four months sucked.
Last eight months were amazing.
You can say first half sucked, back half ripped.
And then I think the other story is going to be an elongation of the Bitcoin cycle where we actually run into 2026.
There's no scientific reason or there's no reason rooted in physics why the Bitcoin cycle has to top in November or December of this year.
I know that's a very popular thing to say. But remember, it was very popular with kid analysts and kid traders a year ago to say we were going to top in like november december of this year i know that's a very popular thing to say but remember it was very popular with kid analysts and kid traders a year ago to say we were going to
top in 2024 and we didn't top in 2024 right we actually made a new high in january uh right
around 109k right around the inauguration when most people around the world were sleeping
and we're we're in position now to go higher. And so this
whole narrative early in the cycle that there was going to be a shortened cycle is clearly wrong.
The only question is how much longer will this cycle run? And there's an argument to be made
that 2026 could actually be a great year as well. And so that this 2025 correction and all the tariff noise and the early, you know, Trump administration shenanigans, like actually created the right set of conditions, as Donnie's talked about, with a lower dollar, potentially eventually lower yield, a spike in global M2, a lot of fear, which has created this negative sentiment and negative positioning asymmetry you actually
needed to scare most people out of this asset class to get the real rip in my opinion like you
don't see five and ten x moves unless most people were scared out before that happens because
everybody can't go along for that kind of ride you need a bunch of people to capitulate and then you
need a bunch of people to basically fomo back in later when they realize the mistake they made and i can totally understand why by the way why people would have sold miners
for example over the last six months like incredibly challenging to hold them but if you
understand how the full cycle works you understand the odds of bitcoin going to 150 200 250k
you understand the convexity and the operating leverage in the models of those companies if you
see those prices and then you realize that everything that's happened this year is just
a traditional mid-cycle style correction then then you should have never been shaken from
your core conviction that we we have much higher prices still ahead of us
and so i think that'll be very obvious by the end of this month but kudos to Donnie and a few other
people I noted most people by the way failed this test miserably I got like literally hundreds of
replies to my bullish tweets over the last month telling me how Bitcoin was going to crack at 75
and it couldn't possibly go up until it hit 72 and then once we got down to 75 it had to break 70
and blah blah blah blah but like if you looked at the supply-demand dynamics, it was no doubt in my mind that we were headed back towards 100 all-time highs and then eventually higher prices.
So I think that's the backdrop here.
I don't see any reason to be bearish.
There certainly could be one or two more corrections, both in Bitcoin and proxies, just to slap people in the face a couple more times and convince them there's no way we're going higher. But I think at some point the pressure is just too significant
for the quants, the shorts, the market makers, anybody who's trying to systematically hold the
price down. And I am seeing that, by the way. And I watched the minor bid ask in the price action,
the order books and whatnot during most days. And I see a lot of
behavior that suggests to me that somebody large really doesn't want the prices to move up too
quickly. And the only other times I've seen that this cycle were usually just before some sort of
rip. And then the other signal that I see is odd after hours in pre-market trading
activity where for no particular reason, the stocks all of a sudden look like some sort of
algo is like, like just marching the price up and down. Um, I saw that significantly in November,
December of 23. I saw it again in June and July of last year. And then I saw a few signs of that again just very recently.
So those are what I'm seeing in the market.
Again, none of that's investment advice.
None of it is like, hey, for sure, this is or that's going to happen.
But I think the odds are skewed towards significantly higher prices for us
over the next few months.
Mike, what are your thoughts on what the IWM is doing off of the lows it's they're actually
doing quite nicely man um even MSTR shocked a lot of people do you think this is the year where IWM
actually breaks its all-time high by a significant margin instead of like teeter-totting at what
essentially is now going on a four-year range high i was just talking about the iwn the russell
with the guided poker table actually earlier today um look i i like the strength today and i like the
strength bounce um off of whatever 170 180 range and it's back over 200 um i don't know if it needs
to go to all-time highs i just think it needs to stop sucking so much.
The small cap index has been such a drag on the miners in particular
because they're all small cap companies.
MicroStrategy has been somewhat freed from that restriction
because it broke out of that small cap range much more quickly,
a small to mid cap range this cycle and became a large cap, right?
The miners are still kind of more easily manipulated
in that small cap area and viewed as more speculative.
And I think that's penny wise pound foolish.
Like if you look closely at them, they hold real assets.
And a lot of those real assets
are worth significantly more today
than they were six months or a year ago.
And so I do think the Russell showing more strength could be positive.
I think that's what you should expect once the dollar has broken down here.
And if it can stay down under 100, right, and we get slightly lower rates, right,
because I think the IWM is going to be a bit more rate sensitive because of the amount of debt across those Russell 2000 companies relative to the S&P.
Then lower yields, lower rates, lower dollar, and just a little bit more stability post.
Again, the first 100 days of Trump's administration have been an absolute shit show.
days of trump's uh administration have been an absolute like shitshow like once that calms down
i think you could be in an environment where a lot of the money that's been looking for a place to
rotate out of like the mag 7 could find its way into the rustle and i think that would benefit
not just the miners but like all the second and third tier crypto uh names as well because i think
there is some correlation between like the capital that's willing to go to that part of the risk curve.
Donnie, anything that you want to say with what Mike said
or anything that you want to throw up on the nest or something?
Yeah, I'll throw something up on the nest.
It just surprises me every time how much knowledge Mike holds in that head of his. He's so deep at dissecting absolutely everything in all of these markets. Just nice to hear someone else step in and really drop all of potentially hitting 200k plus this cycle.
And just from a technical perspective on the chart, there's a whole lot of outside of the chart things to be bullish on Bitcoin here.
But even from just a technical perspective, every single cycle, if you compare the RSI to the Bitcoin chart, you have this trend line
that goes all the way back to 2013. And every time we've come up to tag this trend line, it's
marked kind of like the cycle top. And it just impresses me. I don't know if it's done deliberately
or it's just kind of the reality that we live in. But I'm impressed at how BTC is so close to 100k with so much room
on the RSI to actually come to that level. And how many market participants are either crushed,
sidelined, or just scared to even participate, which really does set you up for that fuel for
a blow off top. So bearing how much room we have on the RSI, kind of the global macro picture
getting a little bit better over the next
like three months, I would say, at these subsequent Fed meetings. And as the economic data comes out
for yields to potentially trend lower, DXY to trend towards 90, you do have pretty much absolutely
everything to fuel you to actually smash that all-time high on BTC and have consecutive monthly bullish candles from this point on. So going off of this
chart, if you see the prior cycle, I marked a range from the 2017 high to the bear market bottom
in 2018. And you pull your February retracement there and you mark out where we topped out. It
was directly on the 3.618, right? And you can go into plenty of reasons why this
was a muted cycle and all this kind of stuff, but you still had six consecutive months
from when the RSI started to trend from the current level that we're at around like 60
something and came up to that trend line. It's a 480% pump from that level. So we're at that same
level to where that pump started on the RSI right now. And we
have all of the outside of the chart things pointing much higher and the technical setup
looking insane. I just think you're in for about minimum three to six months of upside on BTC here
consecutively from this point before you either reaccumulate to go even higher in 2026
or potentially the cycle top that I talked about
if we get that more bearish outcome
topping around September, October
if things start to slip in the macro picture.
But that's too deep to go into right now.
I think that's a great summary,
and I think those are the two big questions that I grapple with.
I spend my entire day thinking about these types of things
while watching markets and just staying up to date
generally on a number of different things beyond Bitcoin,
but like at least as it relates to the bitcoin part of the cycle and the liquidity cycle
but at least as it relates to the Bitcoin part of the cycle
and the liquidity cycle.
um the question i have is right when we do hit that next peak is it 140 150 is it 180 is it 200
or 250 right because i can see a scenario where any of those are true. I know everybody likes to post charts that, like, say with some definitiveness, like, this is what's going to happen or this is the max that it can do.
But literally every single person in the history of Bitcoin who's ever tried to tell you definitively what Bitcoin can do has been wrong, both to the downside and to the upside.
And so I don't believe any of it.
I just think there's a range of likely outcomes.
I think the probability is that 140 to 150 is kind of the low end of what we should expect in
this next move. And anywhere from 200 to 300 is maybe the high end. Now, if we do hit anywhere
in that level, let's say 140, 150, 180, 200, 210, whatever it ends up being, that next pullback that's more than 20%, so
whether it's 20 or 30, 40%, is that a cycle ending type of move where you've got a full
year and like a 40, 50, 60, 70% drawdown?
Or is that just another late mid-cycle pullback where you get a final blow off top that takes
you to kind of that 300, 315k level,
which is the level I've been targeting personally from the absolute bottom. Like if you go back to
December of 2022, January of 2023, when Bitcoin was 16, I was targeting 315. I've tweeted
incessantly about 315 over the last two plus years now, because I do think it's an interesting level. It's the right
multiple from the bottom to match up with like a shrinking multiple in a linear way from the past
couple cycles. And so I kind of came to that number back in the envelope, but it seems right
to me. And so my question is, can we actually tag that this year or is it something that we we tag a lower number pull
back and then reach for it uh next year so that's my first kind of thing that i that i think about
just because i think it's an interesting thought experiment and can help you figure out how to
position and then the second thing is just assuming again like you just said donnie that like the next
three to six months are good and i believe they will be i think with like a 90 i think with more confidence than any other time in the cycle
i believe may june july august uh the next three four months looks particularly good and there are
literally dozens of reasons why i think that i i can't even go into all of them and some of them
are more based on feel and intuition from doing this for a long time. But I think if that happens, my only question is,
do the proxies that have performed best up until now, since January 1st of 2023, continue
to outperform? Or do we see a passing of the torch from, say, MicroStrategy, which is the most
which is the most lauded, most appreciated, most loved, most over-owned.
Every person who came into Bitcoin has been convinced that you can't lose type of scenario.
Do you have a transition to maybe names that are out of favor,
but still heavily exposed to Bitcoin and perhaps more exposed at the higher end of those prices
that the market can't currently price in, right?
The options market still doesn't believe 200K is coming, right?
And so if you believe 200K is like 30% likely or 40% likely, and the option market thinks
it's three, and I'm just making those numbers up because I'm not saying that that's necessarily
what it is, but that's typically the kind of percentages you get like this far out from say end of the year like your options
market probably thinks we're two three four percent 200k but i actually think it's probably
more like 25 or 30 percent maybe even higher maybe more like 40 percent and so when that
repricing happens where market starts to believe it sees 120 on the screen and then sees 130 and 140, there's going to be different reactions from not only the options on IBIT, but also all of the other proxies that are not options, but are directly related.
And those are the two things I've been spending the most time on.
And first is, what does that path look like?
And then the second is, what benefits the most from those paths?
And then I try to work backwards to, okay, well,
what positioning today gives me the highest odds
of an exceptional result in that window?
Yeah, I think for your targets and how the cycle plays out,
if we get that reaccumulation for the next leg up after this next wave, for me as a technical trader, it'll be very obvious to see it coming.
So I'll be able to pretty much see it and I'll post about it.
But it does just depend on kind of what we've been talking about, that global liquidity cycle, how long that tends to last for this cycle.
So we'll also be able to see that coming because a lot of that data is forward looking
and kind of we'll gauge the targets as they come for BTC.
But I just shared another chart.
There's so many charts to go over to kind of dissect where the cycle could go.
But ultimately, it's two probabilities for me.
You either go super high as the market starts to front run,
kind of that economic data or the easing of financial conditions going into September,
let's say, and you go super high, maybe to 200K and you actually form a distributive chart
structure at that point. And then you head lower or you actually go somewhere a little bit lower
than that, perhaps 150 to 180K.
And you don't set up a distributive structure.
You set up another reaccumulation.
So you've basically just set like a range
where you're deviating the lows,
where people are freaking out
every time you deviate that low.
And people can position on those market makers,
whales, they position on those deviations,
fill their buys for another leg higher.
And you typically get a lot of FUD like we just had at the range lows now
to aid price action to deviate those lows.
So it just depends what we get.
But yeah, I'll be able to see that coming.
But if we do reaccumulate, say we tag 150, reaccumulate after a 30% correction
and then shoot higher, I think that's where your 300k plus target comes into play in
2026 if the global liquidity cycle lasts that long, which technically it should. It just depends
on how the Fed and Treasury act over the next year, I would say. But if you just look at the
DXY, I'm going to have to reshare this chart for Mike because I don't think he was here at the start.
This is basically ETH BTC over DXY if you just go and click on that.
And as you probably already know, Mike, we've had the dollar well above 100 for the last three years, which has tightened kind of this global financial condition for that three-year period. So if we're just heading into that easing period now,
you know, just based off of the last two cycles where you can clearly see ETH BTC, right,
the risk on green light barometer for crypto blowing off, that typically lasts like 300 days.
So if we're going into that and we've got 300 days plus left in the cycle and BTC is at 100k
pretty much, then yeah, I don't see
how you don't go to 300k. But, you know,
like Mike likes to say, kid
analysts will tell you that we're going to top
at 120 at the most.
So, I don't know.
It's weird. It's weird being on Twitter
because I never used to be on Twitter prior
to 2024.
Posting and being very active, looking
at like analysts and all this kind of
stuff so now being a part of it and seeing very weird opinions uh is just interesting you should
have seen me in march of 2020 like the entire crypto industry was yelling at me that the entire
world had to crash because nobody had a job and nobody could go to work and every business was
closed and i went super long on march 18th march 19th i had a bunch of nobody could go to work and every business was closed. And I went super long on March 18th, March 19th.
I had a bunch of cash and I was deploying.
People said, you're insane.
I said, you don't understand liquidity.
It doesn't matter that nobody's going to work today.
It doesn't matter that your local business is closed.
Asset prices are not driven based on whether your uncle is going to his job today.
But that really pissed people off.
And maybe I could have been more tactful about it, but that was, of course, the correct
positioning. But that's when I started to see how useful Twitter is, because whenever everybody is
convinced that something is a fact or a reality, it almost always goes the other way. But the thing
I wanted to bring up, though, Donnie, one other thing that I think is interesting is just, if you look at previous cycles, and I'm not saying this has to
happen, but if you look at previous cycles, there's always been much more of a retail
involvement and a retail drive to it, right? Like, you know you're getting near the top,
or you know you're getting to some sort of euphoria period because everybody you know is
talking about crypto everyone you know is talking about bitcoin the coinbase app store ranking is
in the top five right like you see transaction cost shoot through the roofs you see things like
nfts pop up and you just see no euphoria at all with some very rare exceptions in like meme coins, but they flame out so quickly and they mostly seem to be destroying old school crypto people, not new money.
So I think, look, I'm not saying that that has to happen, but if I was going off of that as one of my heuristics, I'd say we can't be further than mid-cycle because the transaction fees are like
in the floor right now. There's no search traffic on crypto. There's no interest in crypto. And of
course, as we know, it's been a very institutionally driven cycle, which is one of the reasons why
Bitcoin dominance is so high. It's one of the reasons why crypto broadly just hasn't
performed very well, even with a pro-crypto president and better regulation and all that.
Again, all that stuff is on a big lag, too, right?
So we've started to have pro-crypto regulation and a lot of lawsuits and stuff have been dropped.
But the M&A that can be unleashed from that just started.
We just saw multiple billion- dollar M&A transactions just in
the last couple of months, something, by the way, I brought up a couple of quarters ago and said
that was likely. You're not going to see a peak in the market until you see a slowdown in M&A.
You're not going to see a peak in the market until you see a slowdown in new crypto IPOs.
There are more companies filing to go public now because it's a safer environment to go public. And then in my view,
I still believe you won't see a peak in Bitcoin until almost everybody you know
is excited about Bitcoin again, period. Like, I know it sounds simple and it sounds so stupid
and so obvious, but nobody's excited about Bitcoin. Like these rooms are going to have
three or five times as many people, maybe 10 times as many people when we're near the top. There's going to be people celebrating how much money they're making.
There's not going to be anyone that you meet out in public who's not interested in talking about it.
And right now, the general interest, the general view, the general vibe is apathy.
Just abject apathy at $97,000, $96,000, $98,000 Bitcoin. bitcoin so i love this setup i think it's just so asymmetric
it's going to be really hard to lose money if you don't sell your bitcoin and it's going to be
really easy to make money if you hold your bitcoin and then if you do need to sell some just wait
until people who you know today are not interested in Bitcoin are interested in Bitcoin.
It's that simple.
You don't even have to look at a chart to do that.
I could probably turn off my phone, turn off my laptop, like literally not look at the price chart, even look at the markets at all, and just go about my daily business.
Go to the grocery store, get on an airplane, stay at a hotel, open a nice bottle of wine at a restaurant, talk to the server,
get on a bus, etc. I could probably do that every day for the next 300 days. And I could probably
tell you better than a chart where the top is. It's literally the best heuristic that you'll
ever get. Most people just don't use it correctly, right? Because most people are lemmings.
And they only get excited when everyone else is excited so they wait until late late late in the cycle to get excited when what you want to do train yourself to be
excited when everyone's afraid and wait until everyone's excited and then trim positions but
like i said i think you can do this without even a chart if you want to use charts too
just be careful because sometimes the blind person can hear better.
Man, that was an epic cook session, guys.
I don't really have much more to add to the conversation, honestly i think uh this was a pretty great conversation
and um i think we can all collectively agree that it pays to be perpetually
optimistic for the long term uh donnie you're off me man what's up i was just gonna say adding on to
kind of mike's sentiment check there uh for you know kind of like a cycle top and all this stuff
we also have to realize that
one thing about the sentiment, you're not going to have people drawn in the actual exit liquidity
for the cycle until prices are much higher. But also, BTC is going to take a lot more time
actually distributing supply at a cycle top than it has in the prior cycles. And you know, we just haven't seen that
yet. This topping structure that we had at the recent highs in Q1, it was just way too short for
that to be a cycle top. It's literally impossible. And when you have people like calling for 30k and
all this kind of stuff, how can you just ignore like levels below, you know, even 70k where you
have people ready to clip billions of dollars if those prices
are coming to fruition. It just makes no sense to ignore those levels. But I think this cycle,
the topping structure is going to last many, many months. In prior cycles, it lasted two, three,
four months. And I just think logically, the larger Bitcoin gets, the market valuation for it,
it's going to take a lot more time to distribute supply and you're going to need a lot more exit
liquidity, which just means you're going to need to go a lot higher to actually draw people in
to bring in that exit liquidity to end the cycle and wrap it up. So I think we're way, way, way far
out from that. Either we get there in an expedited fashion
where Bitcoin just literally goes parabolic,
or it's going to be kind of this fast-paced uptrend
towards those higher targets of like 150 to even 350
if the cycle plays out,
kind of how that ETHBTC chart plays out,
how I just shared it with DXY,
kind of downtrending towards 90 and
bottoming down there for a large period of time which you know if that plays out you could last
as far as like the end of the first half of 26 if not even a little bit further than that
amen brother this was great thank you guys for having me keep up the good work uh to both of
you donnie in particular appreciate your uh bullishness um when i mean you were like a
one percenter for a couple weeks there where like i just couldn't find any uh bulls on x at all which
was great right that was that was gonna that's gonna end up being the mid-cycle buying opportunity
of the cycle like there's not gonna be a better a better time than the first couple weeks of April when we look back.
But it was really hard to maintain conviction during that period.
And candidly, there's no way to make a lot of money in markets without pain.
And anybody who thinks they're going to skip that part of the experience is not going to get rich investing period i've learned this over a
long time now it's funny like some of the best investments i've ever done were the most painful
even private ones i did this private recap of this bakery that looked like it was going to fail like
17 times needed multiple loans to survive like was in bank workout for a while. And now it pays out more cash in a year
than we ever put in.
So our yield on cost is like over 100%.
And the asset value has gone up 10X too, right?
So like the hardest,
one of the hardest deals I've ever done,
I've been the chairman of the board
for the last three, four years,
had to clean up that board,
kick some unproductive people out,
get things working
properly and for many years i'm like what the fuck am i doing like it's 250k like my money like i can
move on from this but i stuck with it stuck with it stuck with it and now it returns significantly
more than that every single year and so just a reminder that like a lot of these things are not
overnight success stories like these cycles take a while to play out nobody who's there at the very
end celebrating with you is there the whole time like almost nobody right and and you don't get the
the victory lap you don't get the huge celebration with the champagne if you didn't take the pain
right like you can show up and drink champagne with the guy who did it but like if you didn't take the paint right like you can show up and drink champagne
with the guy who did it but like if you weren't in the arena if you weren't the one actually putting
capital on the line then who cares like you're just it's a fake celebration so anyway i i think
we're we'll all have earned it this cycle when we get to two three hundred thousand whatever it ends
up being everyone who stuck around bitcoin from 16k or lower for multiple cycles will have earned their just return this cycle.
Man, that applies with everything in any endeavor where you put yourself out there and endure any sort of mental torture and patience as well.
I think that's a good mindset, man.
Mike, I want to thank you for coming on.
Donnie, I want to thank you for coming on as well. I think that's a good mindset, man. Mike, I want to thank you for coming on. Donnie, I want to thank you for coming on as well.
Shout out to Joe also for coming on as well.
I know Grant was also up here a bit earlier.
Unfortunately, he didn't get to speak.
But, guys, I want to thank all of you very, very, very much for coming in
and supporting the show.
So, guys, if this is your first time tuning in and you've enjoyed
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So if this is content that you want to keep up with and you've been listening over the last two hours and think to yourself man i really like the cook session that both wabi and donnie
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And I do have one more request for you guys.
I do have one request for you guys.
I know you guys are all following us here at BB.
You follow me.
You follow Tucker. You follow everyone else. And I'm sure most of you guys are all following us here at BB. You follow me. You follow Tucker.
You follow everyone else.
And I'm sure most of you guys follow Max, right?
I do have one small favor for you guys.
With these shows, I always like to give my thanks to my Lord and Savior, Jesus Christ.
I always love to give thanks to God and give thanks to you guys, right?
So I don't really ask for much, guys, but I did put something up on the nest, right,
concerning something that's happening with Max.
And I ask you guys, if you guys can go ahead and read that, show your love and support
to Max and also give him a prayer.
If you guys can please pray for Max, I would very, very much appreciate that.
I would very, very much appreciate that. Max is the best leader that I have ever, ever witnessed in all of my years on this earth. Wherever I've worked, Max has honestly been a true example of leadership, especially when we talk about, you know, working within the crypto, the crypto community. You guys know how cutthroat people can be.
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show Max some love and support.
And Max, if you're hearing this, brother,
man, what you've helped to build here at BB is truly one of a kind.
And building this business with Max has honestly been a dream of mine.
I did not expect five years ago that, you know, a couple of years after COVID ended,
I'd be a part of a pretty insane startup, right, where we host shows where hundreds of uh people tune in and thousands and
thousands of lives are impacted for the better and because of bb i've met uh some lifelong friends
like donnie joe tucker tommy jackus and all the rest of the guys that are part of this team and
are part of our community and guys if you guys can go ahead and just give a prayer to Max,
show some love and support during this time, would really appreciate that.
And just want to say that I love you all.
And go on ahead and call up a loved one and tell them how much you love them.
Call up your parents, call up your fam.
And guys, I want to wish you all a fantastic weekend once again thank you
for tuning in and we'll see you all on monday for market check and then of course later on
that day for spaces so that's pretty much all i've got god bless you all and i know i know i
usually uh like to end these spaces with music but like i said um i still
have to set up wi-fi at this new place but thank you all for tuning in it's been an amazing stream
over the last two hours please go ahead and uh show some love to max guys show some love to max
and we'll see you all on the next one don Donnie, brother, we'll talk soon, man.
So peace out, y'all.
I love you.
God be with you.
And take care of yourself, guys.
See you on Monday.
Peace. Thank you.
