"So, if Bitcoin were to go below the realized price, that would give you some more confidence that the low is in. And if it were to go below the balance price, that would essentially be equivalent to if not slightly worse than the August 2010 dislocation."

"So, we have now seen them cross. And you know, usually when they cross, the low's not immediately in like that's never happened before. I'm not saying it can't, but it's never happened before. Usually the month though, usually the low occurs within about one to three to like one to four months. Okay. So that could be anywhere between say like now and July, August, September, October, who knew, right? "

"I have to think right now that the next low likely forms in June. And there probably will be a rally kind of like early Q3, July August which would then set up the final drop into sort of the September, October timeframe. And if that plays out, and we're sitting here in Q4, and Bitcoin is is is trading at a low price, I have a feeling there's going to be a lot of people that are bullish now that are going to be bearish then. But, that'll probably be the time to pivot. "

"If you look at 2018, you can see it started in September. The S&P M2 factor would actually correspond to September. And you know, if that is the case, we know that Bitcoin, well we don't know, but I think Bitcoin might bottom in October. And so if the stock market were to top in September, then maybe Bitcoin would bottom out pretty quickly just because it would react to whatever the stock market's reacting to a lot quicker because it's just further up the risk curve. It would get hit a lot quicker than the stock market and potentially Bitcoin then finds that low sometime in the fourth quarter. Maybe as early as as October. "

"My guess is that a low will form in June. You will get a counter trend rally in July that may persist into August. And then a correction in the stock market will cause Bitcoin to form its market cycle bottom in Q4. "