Why Bitcoin Could See 60K Again. (Warsh's Hawkish Fed Begins)

All right, how is it going everybody? Welcome back to the channel. Today we have an interesting show on our hands because Bitcoin is at a turning point at the moment. While it has been sitting flat for the past week at 77K range and everyone's waiting for the next move, I do think time is ticking and with all the macro headwinds blowing against Bitcoin, I'm not too confident in us continuing the daily uptrend. So like you can see in today's video title, I believe we are heading into the low 60K range eventually in this bear market. And I think that is gonna come sooner than later. I don't think it's towards the end of the year. And I'll show you my thesis today, which is mainly driven by the short term macro headwinds and the fact that everyone knows that we are still in a bear market and until proven otherwise, every single rally in the bear market is a countertrend rally. It's a bearish pass before it eventually fades again. So the macro setup just kind of confirms that. And now with Kevin Worsh being the new Fed, he has just been confirmed and sworn in today, they're actually are a lot of talkish things that could come over the next couple months, which just confirms this bear market rally the way I'm seeing it. So with that being the base case for Bitcoin, we can then look at all coins. Hey, any all coin pumps you see right now, I see people you know, very interested in all coins again. They really want me to cover all coins and talk about which all coins for them to buy. I think most all coin pumps right now are to be faded. They are going to be traps and you don't want to formal into any of them. So I'll tell you exactly why and my actual targets for when all coins can be cheap enough. And finally, I'll give you some news to round off today. Okay, that's on the agenda for today. If you guys have any questions, please leave them down in the comments and chats and we will do a Q&A at the very end. Let's get right into it. Bring on my notes here. Here we go. So Bitcoin is at 76.5K and we have covered my setup many times already. So there is a daily uptrend that currently is still holding and that's this right here. 75.3K roughly 75K, which is this higher low right here, 75.3. As long as we have a daily close above there, technically speaking, this is a daily uptrend. However, you can see how if he this looks, it's very close to that level. The more times a support level gets tested, the weaker it becomes. So I'm not holding my breath here and especially up here when we got rejected from the 200 day SMM, which is a much stronger resistance. I don't think we are making a new daily high before breaking below this higher low. So that's why I'm already getting people prepared, hey, if we get below 75, get ready to trade at this lower range and get ready for more chop like this, just like what we had from February to April. So be ready for this. Now the reason for that is, well, first of all, it's T8, it's technical analysis looking at the trend and looking at how we are still in a bear market. But the other side is the fundamentals. So just six months ago, the Fed was pricing in six rate cuts for this year. But today, at the current moment, the sentiment could not be worse. So as of this morning, Kevin Worsh was sworn in as the new Fed chair. And there is something like 50% chance of a rate hike by the end of the year, not a cut, a hike, a increase. This has been such a big turnaround. And this is what I want you to understand today. While the long-term trajectory is still easy, we know that we are in a long-term easing environment. In the short term, they have to balance this act and the act of getting through this inflationary period. And hence why the title and thumbnail here, the Fed is trapped. So they have to at least signal that they could see a short-term hike, which is enough to add a lot of self-pressure to the market, a lot of panic. So here are the ways you can track the chances of a rate hike versus a rate cut by the end of the year. So, Pauli, Market or Koushi all have prediction markets. And before 2027, before the end of the year, there is a 44% chance of a rate hike by the end of the year. You see this has been drastically increasing as we get more information coming from Kemen Wars, to new Fed's chair. And you have the CME Fed watch tool, which is the actual tool being kept up by the CME group. One of the largest traffic exchanges. So this is in prediction market. This is Wall Street analysts. They believe that by December 9, 2026, we have 42% chance of a rate hike. Okay, so this goes by each FMC meeting. And then by January 2027, we have 40% chance of one hike, 25% chance that we would have had two hikes by then. So the aggregate probability is this. If you look at the aggregate here, and then you look at end of the year. No, not that one. This one probabilities. And conditional probabilities for here. So by December 9, 30% chance of no cut, no hike, just holding at the current 350 to 375 basis point range, 42% chance of one hike, 21% chance of two hike. And then like these are probably kind of crazy. I'm just gonna discount that. But you see, what's the actual percentage chance that the track by analysts believe of a rate hike by the last FMC meeting this year? It's 100% minus 30%. It's something like 70%. This is looking really scary if you ask me. Obviously these probabilities will fluctuate, right? So you can kind of take a middle point. CME Fedwatch tools has something like 70% chance that will have some sort of hike this year. Kowshi Polymarket says 44% chance. So roughly like there's like 50% chance of a rate hike by the end of the year. You have to get that in your head now. I'm not just trying to be bearish here. I'm not even that bearish long term, but in the short term, this is the real data. This is not what I am trying to convince you to believe. This is what the general market believes based on the latest information we have from the Fed. So how come the whole thing is turning around so quickly? Let's get into Kevin Worsh. So get ready to see a lot more of this guy. So this is Kevin Worsh. Who is Kevin Worsh, the new Fed chair? So Kevin Worsh was just thrown in this morning, May 22nd, as the 17th chair of the Federal Reserve. And it's actually the first time that the sitting president personally witnessed the swear in ceremony at the White House in the last 40 years. The last time was Greenspan in 1987. So this just shows Trump has a lot of faith, a lot of belief in Worsh. He wants to support Worsh a lot. So who is this guy really? Worsh was a Fed governor from 2006 up until 2011 under President Bush. He was one of the youngest governors in the Fed's history. So he has served on the voting committee of the FMC before, but just now asked the chair. Then he later left the Fed in protest, specifically in the in protest of QE2, the second wave of quantitative easing that Christopher Nanky was pushing after the financial crisis of 2008. So he came on the record to officially argue against QE and was saying that QE distorted markets and created risks that the Fed was an accounting for. So this was back in 2011. You can look at some of the previous stuff, previous pieces of writing that Warch has done. So more recently, the important stuff that we know, what he wants to do for this current Fed is this. Number one, the new Fed Chair kind of Warch wants to push for a new approach to measuring inflation. So as you guys know, currently the Fed looks at the core PCE number, which we have been tracking. You can find it anywhere just by Googling core PCE, this one. Okay, core PCE price index year over year change, currently at 3.2%. So this is the number that the Fed uses to compare with their target inflation rate, which is at 2% long term, something like 2.7% by the end of the year. So Warch wants to replace this with something else. And that's called the, I'm going to get to the exact word here, trimmed inflation gauge. Okay. Also known as a trimmed mean CPI quote. Trimed mean CPI quote. Okay. So what is this change? So Warch wants to change how the Fed measures inflation. In the current measurement, the core PCE, which takes into account the personal expenditure, but excludes very fast moving things like food and energy. It's always food and energy that's not accounted for. Warch says that, okay, they want to create something more unique called trimmed mean inflation, which is instead of just removing food and energy from the calculation, they will remove whatever item that has had the biggest price swing impact on the inflation each month when they look at that number. So it's always taking a more averaged out number, a softened number, a softened inflation number. So it will throw out the outliers when inflation is very high or inflation is very low. And what's left in the middle is the thing that they look at to compare with their goal. So at his Senate confirmation hearing, Warch said the measure I prefer are looking at things there are looking at things that are called trimmed averages. Take how the tail risks and we ask ourselves whether the generalized change in prices is having second order effects on the economy, his exact words. Now, this is interesting because he then just come up with this. Okay, so the Dallas Fed currently runs a trimmed mean PCE calculation already. What is that number? So here it is, trimmed the mean PC inflation rate. If Warch will use this exact one or not, we don't know. But this rate is a lot lower. The 12 month one. At the last update is currently 2.3%. Me to yeah, trim the mean right here. You see 12 month PC inflation, trim the mean 2.4%. And I believe even this month it went down a bit to 2.3. So exactly what range it's between 2.3 to 2.5, let's say. It's a lot lower than the core PC that the Fed is currently using, which is price that 3.2 and rising. So there is a 0.7 percentage point gap, a huge number. It's actually really funny. So basically Warch is trying to just change the framework entirely to say, hey, look, we're not adjusting our inflation target. Okay, our long term inflation target is still 2% and then by the end of this year, we target 2.7%. But we're not going to compare it with the core PC anymore because it's too high. Instead, we're going to use another number, a trim diversion, which hasn't risen that much and is currently at 2.4%. So this is what he wants to do. Whether he gets this through or not, we don't know. This is just like one thing that he said, he hasn't even fully implemented anything yet. But if they make this change, it will be massive because that opens up the Fed to say that, hey, look, under this new number, we are already very close to our inflation target. What does that mean? When the Fed has inflation under control, when the number that they used to compare with their inflation target is very close, that means they can cut rates. That means they are very flexible. They have all the tools that they can use to support the market, whether that's QE or whether that's RayCuts. So this is already issuing signalling something that could be very meaningful in the long term. Okay, so don't discount this. This is one major thing that I saw from just the fresh statements coming from Kevin Worsh. That shows long term he is going to help the market. He wants to make a big shift in how they calculate inflation. Okay, so this is more of a long term regime change. Now in the short term, however, the FOMC and the Fed does not look good. So the latest FOMC minutes just released. That's this one right here. The April FOMC meeting, which was three weeks ago, they're meeting minutes exactly what they discussed. The transcripts was just released two days ago. And you can find that on the Fed's website. You can just tell your AI to do a summary of this. I'm not going to read this. Okay, so long story short, the Fed minutes reveal a deepest policy split in decades, because there is a eight four vote split on the policy direction. So they can't really decide whether if they want to keep signaling to the market that we are in an easy environment or if they want to completely change that and just signal to the market that, hey, we don't want to cut. And we could be looking at hikes in the future. Okay, so in fact, the eight four vote, okay, is on the policy direction. And the key language from the Fed minutes is this. A majority of participants highlighted that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%. So if inflation doesn't come down, they have to be more firm on the policy. To address this possibility, many participants indicated that they would have preferred removing the language from the post meeting statement that suggested an easing bias regarding the likely direction of the committee's future interest rate decisions. So in simple terms, more of the Fed governors thought that they should remove the easing bias from the FOMC release. So signal to the market that, hey, we are not going to cut in the long term anymore. It's not just whether we hold or whether we cut. Instead, it's we're not even sure if we want to cut at all anymore. So that's a big change. This is the main reason why right after these Fed meeting minutes got released, the market has started to price in higher and higher probability of a rate hike by the end of the year and a lower and lower probability of a rate cut. It's because this is how they discussed it. And we know what's going to happen with inflation. So oil prices are high. Iranian situation is not improving. And you have 10 year yield, 30 year yield, 2 year yield, all very high, all breaking all time, not all time highs, but breaking out. Those all signal that inflation is sticky and it's here to stay. And even especially with the delay of calculation of the core PC, we have at least two months delay between the time that the oil price hits. And then two months later, the Fed has that number confirmed in the core PC. So inflation is not going to come down anytime soon, which means each FMC meeting, the sentiment is probably going to get more more bearish until they can do something meaningful, like what Kevin Worsh wanted to do, which is to change the whole thing entirely to say, hey, we ditched the whole old way of tracking inflation. We used this new thing. That's much lower. That's one way. Or maybe they'll do something else. We don't know yet. But in the short term, they're completely trapped. I'm just going to bring up the yields again to show you and how these all relate to each other. So you have probably seen these headlines about the 30-year yield. OK, this is the US 30-year government bonds yield. And this is the highest point, about to be the highest point since 2023. And even about to be higher than 2007, OK, if it clears here, you see? So this is signaling that the market wants higher and higher compensation for holding long-term bonds. So this is the 30-year. You also look at the 10-year same thing. OK, 10-year yield rising very quickly as well. This is what macro analysts called term premium, which is just a complicated word to say that, hey, people are expecting higher inflation, so they want higher compensation for parking their money into bonds. Now because the yields are rising for the 10-year and 30-year, this is also the creating strength in the dollar, the Dixie. Here, you see, the Dixie is not falling, even though we have de-dollarization, super high inflation. Why is that? It's because people need the dollar to park their money into rising bond yields. OK, so when the Dixie is strong, it doesn't really impact track-fied markets as much, but it specifically impacts Bitcoin negatively because Bitcoin is most heavily denominated against the US dollar across all the markets it trades in all across the world. It's trading against USDT, the most venues. So this is a big problem. OK, as long as the long-term yields are high for US bonds, Dixie will have strength, which is negative for Bitcoin. OK, and then the final thing I want to cover about how this impacts Bitcoin is this. Yeah, here you go. So one of the Federal reserves from Richmond, I'm going to bring this up. See if I can find it here. Hmm, what is it? Lost it. No, this one. This is a really good read. Com Barking from Federal Reserve Bank of Richmond. So they gave a full speech called Navigating Supply Shocks. And this guy is a voter on the FMC, which gives you a lot of insight. So quick summary, most important things here. At our last meeting, we held rates steady. So this is Tom Barking who voted on the FMC committee in the April FMC meeting. So he says we held rates steady with little clarity on the duration and impact of this latest supply shock, AKA inflation supply shock to oil. It made the sense to give ourselves some time before setting sale. Now, he said setting sale. OK, and especially in this piece here, he did not say, oh, it made sense for us to pause cutting and decide when we are going to cut later. Instead, he said it made sense for us to just stop doing anything at all and decide what our next course of action is, whether it could be a cut or it could be a hike. So this is the key takeaway that essentially my AI found from digging into all the different FMC voters, what they have been speaking about to the public. So yeah, a lot of signals out right now showing that the Fed is totally trapped. They can try to resolve this by changing the paradigm completely and just change the way that they calculate inflation or they're going to have to cut, they're going to have to high grades by the end of the year, which is going to be a pretty bearish short-term event when that happens. Long term, they will still cut. That's my core belief because there's no way around this at the moment. But short term, there's no discussion to be had that can get them out of this pickle. OK, so what does this mean for Bitcoin? We go back to the current trend of Bitcoin. So let's say from now until Q3, late Q3 at least, my read is something like the Jackson Hole event by late August when chemo wars could announce something big like changing the way they calculate inflation at the Fed. But in order to do so, he has to take a full speech. So I think that's at least August. So from now until then, each time that the Fed comes out with a meeting, it's going to be no cut and a little bit more hawkish. No cut a little bit more hawkish. Hawkish means bearish, bearish sentiment. So combine that with the current price action on Bitcoin. OK, any trigger below 75.3K, we're looking at this lower range, range bound, chop again. This is my core belief. I think what are you look at technicals or fundamentals? We're looking at a few months of the summer being kind of bearish. That's what I think. Now, does it have to go below these lows at 60K? Nobody really knows. OK, so the key support level is at 61.3, which is the 200-week SMA. So we don't have to go below there. And one, two months later, this level is going to trend a little bit higher because the average is up. And by that point, maybe the cheap price for Bitcoin is something like 63K. So does that mean Bitcoin has to make a new low in order to finish the bear market? No, it doesn't have to. But is the bear market over? I don't think so. Is it totally clear, totally safe to just launch Bitcoin and you're going to make all the money for this entire run? I don't think so either. You have a bit of chop and a bit more drop to swallow here, which looks like this. Whether that drop is much more significant, like a trend is lower and then it breaks this low, like this, or if it just goes down here and ping-pongs around and does some chop until Q4, and then things are good. We don't really know. But my base case is we should head into the low 60Ks at least one more time before the bear market ends. So with that being the base case, and the fact that the Fed is very hawkish until they find a chance to make a full pivot, what do we do? Well, holding Bitcoin and DCA in Bitcoin is still good. If you already hold Bitcoin, you don't need to sell it. Okay, from 76K to 63K, not that big of a difference. But if you don't have any Bitcoin yet, I would say start DCAing is a really good idea. You start a DCA, you try to find an average entry somewhere in here. Average entry below 70K is going to be very strong. It's going to be very good value. That's on Bitcoin. Now for altcoins, I know a lot of people have been watching altcoins and just really want altcoins to start a bull run right away. A lot of people are very bullish on hyperliquid at the moment because it just rallied a lot to $62.00. And apparently it's a new all-time high almost. Yeah, almost. You see back in September last year, it was $60.00, right here it was $60.00. So people are saying, oh my God, look, hyperliquid making new all-time high. Alt season, you know, my read is this. And I've given this before already. You have to look at the entire altcoin market cap compared to Bitcoin as a ratio. So not Bitcoin dominance, okay, because Bitcoin dominance takes into account stablecoins. So the two charts that I'm looking at right now are total two excluding stablecoin. You can find this on training view, total two ES divided by Bitcoin, which is like this, okay, this is a ratio of all altcoins divided by Bitcoin. And then total three ES divided by Bitcoin, which excludes Ethereum. So depending on how you look at it, let's just do all the altcoins including Ethereum. I see this coming down here to 0.4 and below, which is you can think of it like Bitcoin dominance reaching 4.4, not getting the exact, but it's not 60%. It's because 60/40 is not 40%. It's something like, I'm not even. Yeah, I can't do the reverse math as quickly. But total two excluding stablecoin divided by Bitcoin to revisit 0.4, which is the support that we had last year. And in 2020 and in 2019 and then back here in 2017, which is kind of the late stages of the altcoin bear market, so to speak, before altcoins really start to outperform compared to Bitcoin. Now, are we going to have an alt season per say? No, I don't think so, but if altcoins are to show meaningful rallies, depending on the sectors, I think it should reset down here. So why do I think that? Well, if Bitcoin drops below 75k into this range, let's say even Bitcoin goes to 70k, there is no way that any altcoin will go up while Bitcoin goes down 10%. It doesn't make any sense. So if that's the case, why would the total two market cap and total three market cap go up against Bitcoin? Makes no sense. So yes, you can start to see some altcoins pumping, but I think those are going to be good fades, not good points to launch the breakout. Okay, it's too early. We are still in a Bitcoin bear market until proven otherwise we don't have altcoin bull market. So stop asking, hey, like, have you seen this altcoin? It's rallying a lot. Should I buy right now? No, you should not buy. The time to buy any altcoin is when Bitcoin drops back down to like low 60k, so let's say 65k and below down here, just imagine this scenario. If Bitcoin does this, what's going to happen to any altcoin, what's going to happen to hyperliquit? It's going to go down. It's going to go down more than Bitcoin, because most altcoins 98% of altcoins do that. And that's going to lead to the total two excluding stablecoin market cap dropping against Bitcoin to down here, something like this. And when that happens, that's a good time to buy altcoins, because we know Bitcoin is cheap enough and we know altcoins have dropped more against Bitcoin one more time in the bear market while all the early speculators got trapped. And that's going to be the actual buy. But at that point, nobody's going to want to buy altcoins. And that's precisely when you should buy. But until that happens, it's not ready yet. I'm not going to be telling anybody to buy altcoins. We do research altcoins. Okay, I already told people, hey, look, we have two very strong AI altcoins I talked about on the last live stream right here, BitTensor and Venice. I like these two very much, but I don't plan to buy them until we get down here on the total two versus Bitcoin ratios. And until Bitcoin comes down here or if Bitcoin keeps going up, okay, and it just completely disproves my thesis and it gets up here above 94k confirming the bull market, then okay, sure, I will gladly buy back higher. But I don't think that's the more likely scenario at the moment. Because I mean, you don't need me to tell you this. Look at the charts. What does it look like? It looks like a failed break going right into resistance in the bear market. So not looking that strong for a full continuation to the bull run. Okay, so that's my outlook on altcoins and my general stance on how I can anyone can play them without risking too much downside before the bear market ends. Finally, I want to give you some pieces of news that are worth watching. These are already, you know, pretty well known, but I think they are very important because they give us context as to what this AI cycle is going to look like. So I already talked about how the AI bubble will burst, which is after SpaceX, OpenAI and Anthropic all complete their IPO. And then at that point, there's not much more to cash out for any major institution. Until that point, I don't think the bubble will burst. Well, the SpaceX IPO is set for before the end of June, which is just about one month away. We just had OpenAI also falling for a filing confidential for IPO very soon. Now, there had been some numbers thrown out. So reportedly, OpenAI is aiming to raise $60 billion right now, which is not higher than Elon Musk SpaceX. SpaceX is 75 billion. If you have been living under a rock, you know that Sam Altman, the founder of OpenAI, actually the cofounder of OpenAI, he co-founded OpenAI with Elon Musk. Okay, so Elon Musk used to be OpenAI's co-founder. Okay, so they had a big fallout and Elon Musk wanted to keep OpenAI non-profit while Sam Altman took it for profit. Okay, and this really pissed Elon off. And in fact, Sam Altman has been trying to, you know, prove himself for the longest time because his background is he used to be the president of Y Combinator, but which is the most well-known VC in the world. But he's always been just this venture capitalist, like second grade instead of compared to entrepreneurs like Elon. And you probably have seen the old school interviews of Elon Musk where Sam Altman is interviewing him, but Elon Musk is kind of like this like godly figure and Sam Altman is like throwing these like, jokish candid questions to him. Underneath that, okay, people treated Sam Altman for the longest time as this like interviewer. So they have a garage against each other for sure. So whatever SpaceX wants to raise and ends up raising in their IPO, you can better ask that OpenAI wants to raise more. And OpenAI is already able to raise about 60 billion in the IPO. It could even overtake SpaceX if they do something magical. Okay, so this is one thing to watch. Yeah, in terms of the timing, if OpenAI gets their IPO done sooner, then that could change the timeline for the AI bubble. When can we get this correction and if we get this correction at all, or if it's just going to be SpaceX, OpenAI, and Therapeutic one after one, then like. The thing just keeps going. So the timeline and how much they will race, very important. Second thing is Nvidia. So I have covered Nvidia and their earnings and how you can look at it as a seldom news event on our last livestream. So since then, Nvidia has just been kind of nearly willy, right? It hasn't been doing anything. I think it's going to keep doing okay. For the next month until the SpaceX IPO completes, but after that, you got to be really careful. So at the moment, if you still hold Nvidia, you still hold chip stocks, I think you're, you're fine. But just be prepared. If we have the SpaceX IPO, but then we have a whole summer of boring nothingness until late October, then expect this pocket to be left with a AI. And something else that I saw very interesting about AI this morning was Trump has just pulled his AI executive order at the last minute. So he was hours away yesterday morning from signing a major AI executive order, which will create a voluntary 90 day review process for frontier AI model providers. Open AI and throw up pick. You could say like Gemini X AI sure, okay, and then meta with. Lama, okay. And they have a new version that's not. That's competing with the frontier ones, the one that Alexander Wang managed to spit out last minute. I don't exactly remember if it's still called Lama, but these guys all weighed in. And David Sacks, who is Trump's close advisor to crypto and AI called Trump personally to say that, hey, you got to cancel this thing because. They think it will get in the way of. AI frontier models being created in the US. So these US AI model companies. They want deregulation. And their excuse was that, hey, right now we're leading China. We're leading everybody. But if you sign this executive order, telling us that. The White House needs to review all the frontier AI models, then. It's going to make us lose the war against China. So Trump pulled his. Executive order on AI last minute. Which. You know, you could say that it's bullish for AI in the short term, but. Kind of just pushes it down the line. So. It's definitely worth watching. I'm not sure if they will still have this later on. Okay, Trump had to do this last minute saying, hey, I didn't like certain aspects of it. I post bonnet. I think it gets in the way of leading China, leading everybody in the AI race. So for now, no bubble, no bubble burst yet. And then it comes, it's going to come together. It's going to come probably after these IPOs again. Okay, it's after everyone catches out from Wall Street and probably from, you know, political. Influential people as well. And then. Everything just comes down together all of a sudden like AI models are hitting the caps and. We're spending too much regulation comes, but it's not coming yet. Okay, so you're starting to see how this whole thing is coordinated together. Okay, so. One more thing that I saw that was pretty interesting. It's about Bitcoin. So Mark Cuban said this morning that he sold most of his Bitcoin after is failed as a hedge against. Inflation and hedge against geopolitical turmoil. Now this isn't just like some vague thing. So he specifically sold the Bitcoin because. And I quote. Rising bond prices, rising yields in the 30 year and the 10 year should have driven demand for. Fix income related assets, namely gold Bitcoin and you could say something like the S&P, okay, where it's supposed to earn a certain amount per year on average. As long as we have certain amount of inflation. But Mark Cuban sees. Go Bitcoin not acting in that way anymore. So I'm going to bring up. The thing here. And I'll show you exactly what he said. Yeah, so. As the 30 year and the 10 year yields are very high and as US rates interest rates are very high and the two year yield is also very high. The short term yield is very high. This is strengthening the dollar in theory. This should lead to. Strong performance for dollar denominated assets for assets that can replace. But Bitcoin is not acting as a dollar hedge right now because. Bitcoin specifically trades against the dollar. So Mark Cuban actually sees this. He's. Nailing it on that right on the head because Bitcoin trades against US DT and against US DC on most brokerages, most asset managers, most exchanges across the world. It doesn't trade against native currencies as much. Bitcoin has a very unique property in the sense that whenever the DICC rises. The DICC is strong. Bitcoin is weak. And that's something very unique and that's something why that's a reason why you have to watch the strength of. The US. You US bonds. To see the strength of. The dollar namely the DICC. Which can tell you hey, during this period, if the DICC is not that strong, then Bitcoin could perform similar to gold and similar to other risk on assets. But during periods where risk on behavior is here, okay stock market is up. AI is up. Gold is it's okay. Bitcoin. Not looking too hot. Why? Because the dollar is strong. So this is why we always come back to watch the DICC. It's because whenever the DICC is around the dollar, the big Bitcoin tends to be weak and Bitcoin only tends to be weak. Okay, so. Pretty interesting takeaway here that Mark Cuban gave. All right, that's it. That's everything I wanted to cover for today. Okay, that's it for this video. Thank you for watching and I will see you on the next video and the next live stream. Bye bye.