Michael Nadeau

And then the other thing that we look at

is the hash rate.

What's happening with miners, hash rate's down about 15% or so as the price comes below sort of the average cost to mine one Bitcoin for certain mining entities.

They have to either shut off their machines to conserve energy, sometimes sell their Bitcoin.

And so these are the things that we're kind of anchoring to

And monitoring to get to it's possible those those metrics will just start to line up, which with where we think we're going closer to that, you know, October timeframe.

I don't know for sure, but we kind of anchor to the data and the timing is less important.

But I sort of just anchor to like what has happened in the past.

typically, uh, will play out again.

It's not, it's not random.

It's because of the way cycles, you know, how financial markets work and how cycles work.

Um, you know, we've talked about that, you know, in our writing and previous episodes, I won't go into it, but it's not random, but, um, I would sort of as a base case say it might, it might take a year or so.

Yeah.

Currently, the 200-week moving average is like 58K or so.

That is rising.

As we go, it's a moving average.

We believe that the fair value is roughly around 65K for Bitcoin.

That doesn't mean it can't go below that, right?

So it's possible it could go below.

It's possible it doesn't totally get there.