Michael Terpin

When people get greedy, people over-leverage.

And then when the bubble pops,

As Warren Buffett once said, you can only tell when the water's gone out who's been swimming naked.

And that happened in the only three years in the 16 years of Bitcoin that you could have lost money between January and December were 2014, 2018, 2022, and you're probably going to lose money in 26.

but not after you have a nice run up the rest of this year.

And so that's what I call the four seasons of Bitcoin.

Oh, so Bitcoin fall is probably the most important season.

And it's the hardest to judge because you can tell Bitcoin spring, it's on the calendar.

It's when the halving happens.

You can tell Bitcoin summer's first day by calculator.

Are you above the last season's high?

You have to tell the new high whether it's going to go higher or not.

If you can judge that, that's the end of Bitcoin summer and the start of Bitcoin fall.

And then it takes about one year to just drop like crazy.

This last time it was one year to the day.

The November 10th of 2021 was the all-time high.

November 10th of 2022 was FTX.

Wow.

And was the low for that cycle.

And, you know, and so I just put all this together in charts and graphs in the book.