Full transcript
The Report That Isn't A Lie
0:00Four things just happened in the last 7
0:01days that have only lined up together
0:03one other time in the last 50 years. And
0:05the last time that they did, the
0:07purchasing power of the US dollar fell
0:0955% and gold went up 23 times. Consumer
0:13price inflation just posted its biggest
0:15monthly drop since the COVID crash,
0:17falling 4/10 of a percent with headline
0:18inflation coming in at 3 and 1/2% well
0:22below the expectation of 3.8% and as
0:24such the odds of the Fed raising
0:27interest rates collapsed from over 40%
0:29to just digits. And the entire market
0:32repriced higher as a result of it. The
0:34chairman of the Federal Reserve stood in
0:35front of Congress this morning and said
0:37his committee has no tolerance for
0:39elevated inflation while his own task
0:41force is quietly building a new way to
0:43measure that same inflation. And
0:46Bitcoin, sitting in the cheapest 19% of
0:48its entire trading history, ripped 4% to
0:51nearly $65,000,
0:53its highest level in a month, on a
0:54report that was supposed to be bearish
0:57for it. Every headline in America read
0:59that report today and came to the same
1:01conclusion. Inflation is beaten, the Fed
1:03has won, take the win. But they're all
1:06wrong and I'm going to show you exactly
1:08why using their own data. Now, I want
1:10you to hold one number in your head for
1:12the next 15 minutes. 64. 64 is the
1:15number of consecutive months that US
1:17inflation has printed higher than the
1:19Federal Reserve's 2% target. 5 years and
1:224 months. 6 years ago, many of you may
1:25remember, they used the word transitory,
1:27that inflation was temporary and it
1:29would go away very soon. Well, 64
1:31measurements later, they have not hit
1:33that target once. And today, we're
1:35throwing a party over a number that is
1:37still nearly double it. That's the
1:39obvious reason that the number 64
1:41matters, but it's not the real one. The
1:43real reason it matters is the single
1:44most important number for your portfolio
What Actually Made The Number Fall
1:47in this entire video. And by the end of
1:49this video, you're going to understand
1:50exactly why every single one of those
1:52inflation misses was by design, why the
1:54Fed is about to quietly change the way
1:56they measure inflation to make it look
1:58lower than it actually is. And why the
2:00one asset that everyone gave up on this
2:02year is the only thing standing on the
2:03other side of it. Because the inflation
2:05report that came out this morning is not
2:07a lie, it's much worse than a lie. And
2:11it's going to cost you if you don't pay
2:12attention. Let's get into it. So, let's
2:15start with what actually made the number
2:16go down. Energy. The energy index fell
2:195.7% in June. Gasoline prices dropped
2:22nearly 10%. That one category, energy,
2:25was the largest single contributor to
2:27the entire monthly decline, and it more
2:29than offset increases everywhere else.
2:31Food prices still went up. Shelter still
2:33went up. Groceries went up for the third
2:35straight month on beef, eggs, and dairy.
2:37You can see this chart right here. That
2:39doesn't look like disinflation. So, this
2:41was not broad disinflation. Prices were
2:43not falling across the board. This was
2:46one category collapsing hard enough to
2:48drag the entire average down with it.
2:51And here's the problem with that. That
2:53energy decline happened in June. It
2:56happened during the window, as you can
2:57see right here, when the memorandum of
2:59understanding with Iran was holding, and
3:00when the Strait of Hormuz traffic was
3:02normal, as you can see right here.
3:04Hormuz traffic actually ticked up during
3:06the month of June. As a result, the
3:08price of oil fell. Well, that window is
3:10already closed. As of this week, Iran
3:12and the United States are exchanging
3:13fire again. Traffic through the Strait
3:15of Hormuz has fallen once again to a
3:17multi-week low as ship owners reassess
3:20whether it's worth the risk. Trump has
3:22now announced a full blockade of the
3:23Strait, and oil as a result has hit a
3:25four-week high. WTI ran up more than 8%
3:29over the last 7 days. It's now knocking
3:30on the door of $80 once again. Roughly
3:331/5 of the world's oil moves through a
3:35channel that is 20 miles wide at its
3:37narrowest point. So, when ship owners
3:39decide that it's not worth the insurance
3:41premium, energy gets more expensive.
3:43It's why gas has been above $4 for the
3:45last 5 months. Transportation gets more
3:47expensive. Everything that has to be
3:49moved from a factory to a shelf gets
The Jobs Report Nobody Connected
3:51more expensive. So, the single category
3:53that produced today's beautiful
3:55inflation number is already reversing in
3:57real time while the country celebrates a
3:59report about a month that's already
4:00over. So, that is the first threat. I
4:02want you to hold on to it cuz there are
4:04more. Now, here is where it gets
4:06interesting because the Fed doesn't have
4:08the luxury of only worrying about
4:10prices. Two weeks ago, the June jobs
4:12report came out and it was disgusting.
4:15The expectation was 115,000 jobs added,
4:18but only 57,000 were added, less than
4:20half. And when you look at the
4:21composition, it gets even worse. Job
4:24cuts in technology are running at
4:25139,000
4:27so far this year, up 83% over the same
4:29period last year, and tech alone now
4:32accounts for a third of all job cuts in
4:34America. The number one cited reason for
4:36those cuts is artificial intelligence.
4:38AI was named as the cause of 101,743
4:41job cuts this year, 23% of every job
4:44lost in the country. In June alone, that
4:47figure was 31%. Hiring has flatlined,
4:50and people are quitting their job less
4:52than they have over the last several
4:53years, which is generally what happens
4:55when workers don't believe there's a
4:56better job to go out and get. The labor
4:59market isn't collapsing, but it's
5:01certainly slowing down, and that's what
5:03happens before a major economic
5:05recession.
5:06Put the two reports next to each other,
5:07and you have the Fed's actual dilemma
5:10laid bare. Inflation is way above target
5:13and has been for 64 straight months, and
5:15you have a labor market that is
5:16deteriorating in real time. Those two
5:18conditions point in completely opposite
5:20directions. You can either raise
5:22interest rates to kill inflation, but
5:24then by doing that, you destroy a labor
5:26market that is barely moving. If you cut
5:28rates to save the labor market, you
5:30reignite the inflation that you haven't
5:31beaten in 5 years. Do you see what I'm
5:33getting at here? The Fed is stuck
5:34between a rock and a hard place, and
5:36that's why what they're going to do next
5:37is so important for you to understand
5:39because it could impact your portfolio
The Trap
5:41in a major way. By the way, real quick,
5:43before we go further, I want to know
5:44where you're at with all of this. If you
5:46think that inflation is already beaten
5:48and the worst is behind us, comment over
5:50down below. But if you think this is far
5:53from over, comment trapped. One word,
5:55that's it. I read every single one of
5:56the comments and I want to see where you
5:58guys land on this. And while you're down
6:00there, if this is the kind of breakdown
6:01that you want on your feed, hit
6:03subscribe, drop a like, and hit the bell
6:05to turn on notifications so you actually
6:07get these the moment that they go live.
6:08It genuinely helps the channel more than
6:10you know and it takes only 2 seconds.
6:11Okay, so back to the trap because the
6:14Fed knows that they're in it. And the
6:15man running the Fed has already figured
6:17out how he's going to get out. Kevin
6:20Warsh has been the chairman for about 6
6:21weeks and in that time he has done a
6:23remarkably good impression of the most
6:25hawkish central banker in a generation.
6:28He held rates at 3.5 to 3.75%. He gutted
6:31the Fed's statement down to a skeletal
6:33130 words and he actually even refused
6:35to tell people where he said rates were
6:37going to go. And just this morning in a
6:39prepared testimony to Congress, he said
6:42that his committee has {quote} "no
6:43tolerance for persistently elevated
6:45inflation." Take a listen. If we get
6:47policy right,
6:49>> and I can assure you we will, the
6:51inflation surge of the last 5 years will
6:54be a thing of the past. My colleagues
6:57and I recognize that high inflation has
6:59been an undue burden on American
7:01households and businesses. As the
7:03chairman said at the outset, inflation's
7:05a choice. The members of our committee
7:07have no tolerance for persistently
7:10elevated inflation and we share a
7:12resolute commitment to ensure for price
7:15stability.
7:16>> So, that is the performance. Now, watch
7:18what he actually did on that exact same
7:20stage. He pointed reporters at the bond
7:23market as evidence that the fight was
7:24nearly over. He said volatility was
Warsh Is Not A Hawk
7:26down, yields were down, inflation
7:28expectations were down. He called this a
7:30rare moment to go back to first
7:32principles and rethink what the Fed is
7:34doing. He said that he felt encouraged
7:36and he sounded by every account in the
7:39room very relaxed. But here's the thing,
7:41hawks don't sound relaxed. And when you
7:44check his evidence, it falls apart. He
7:46said he did only two calm gauges and
7:48walked straight past the two disruptive
7:50ones. The two-year Treasury yield, which
7:52is the part of the curve that prices
7:53what the Fed does next, has climbed from
7:55the low threes to the low fours. And the
7:5730-year is actually above 5% right now.
8:00So, what does that mean for you? Well,
8:01if you strip out inflation, what you
8:03were left with is a bond market that's
8:05demanding a historically fat real return
8:08simply to hold US government debt.
8:10That's not a market that thinks the
8:11problem is solved. That's a market
8:13that's charging a premium for the risk
8:15that the dollar loses value over time.
8:18And this is where it all begins to make
8:19sense for you. So, Warsh talks like a
8:21hawk in public, but privately, he's
8:23doing the exact opposite. Why is that?
8:25Well, it's because he wants a cut. He
8:28needs to cut and he cannot cut because
8:30the Fed's official inflation gauge, core
8:32PCE, currently reads 3.4% against their
8:352% target. Put food and energy back into
8:37the mix and headline PCE is suddenly
8:40growing at 4.1% per year. So, on the
8:42Fed's own long-time inflation gauge, the
8:45war is nowhere close to one, and you
8:47cannot declare victory when the
8:49scoreboard says you're losing. So, he
8:51has a choice. He can either wait for the
8:52number to come down to him or change the
8:55way it's calculated. This is the second
8:57thread, and this is the one that almost
8:59nobody is talking about. Warsh has
9:01publicly called core PCE, again, the
9:03number that his entire institution has
9:05organized itself around for a decade, a
9:07rough swag at real inflation. That is an
9:10extraordinary thing for a Fed chairman
9:12to say about the Fed's own measuring
9:14stick. And when a chairman stops
9:16trusting the ruler, he goes shopping for
9:18a new one, if you will. He already has a
9:20favorite. It is called trimmed mean PCE.
9:23It comes out of the Dallas Fed, and the
9:25way that it works is, instead of always
9:26stripping out food and energy, it strips
9:29out whatever moved the most that month,
9:31top and bottom. So, it averages what is
9:33left in the middle.
9:34Now, here's the part that I want you to
9:35sit with. Same country, same month, same
9:38prices, same economy. If you run core
They Are Changing The Ruler
9:40PCE, you get 3.4%, but if you run
9:43trimmed mean over that identical data,
9:45you get inflation at just 2.4%.
9:48A full percentage point of inflation
9:50gone. Not because a single price fell,
9:53not because a single American paid less
9:55for anything. The only thing that
9:57changed was the ruler. And it's not a
9:59hunch that he wants to do this. He has
10:00literally stood up a task force at the
10:02Fed and sent it back to what he calls
10:04first principles on how inflation is
10:06measured in the first place. The
10:07machinery is being built in public with
10:10a committee and a deadline attached to
10:11it. Now, think about what that gets him.
10:13He doesn't need inflation to actually
10:15reach 2% before he cuts. He just needs
10:17the number that the Fed quotes to read
10:20like 2%. Swap core for the trimmed mean
10:23and a 3.4% problem becomes a 2.4%
10:26problem. And at that point, we're
10:28basically already there. And the Fed
10:30never has to lift a finger to earn it.
10:32And here's the kicker. And this is the
10:33part that you genuinely make your
10:35stomach turn. The economists at the
10:36Dallas Fed who built the trimmed mean
10:39PCE have published a warning against
10:41using it. Their own gauge runs
10:43downwardly biased, meaning that it reads
10:45cooler than inflation is in reality.
10:48Precisely when price increases skew hard
10:50to the upside. Which is exactly what
10:52tariffs produce. Which is exactly what
10:53an oil shock produces. And exactly the
10:56environment that we're in right now. So,
10:58the people closest to the measure, the
11:00people who invented this thing, are
11:02raising their hands and telling us to
11:04not use it. Because their reading may be
11:06too cool at the precise moment when we
11:08need it to be accurate. And there is a
11:10thumb on the scale in the arithmetic
11:12itself. The trimmed mean PCE does not
11:14cut evenly. By the Dallas Fed's own
11:17recipe, it lops 31% of the weight off of
11:20the hot end and only 24% off of the cold
11:23end. Build a measure that trims the hot
11:25prices harder than the cold ones and it
11:26will lean cool whenever prices are
11:28rising, which is right now. So,
11:30basically, the TLDR of it is the Fed is
11:32trying to use a new measure that
11:33drastically under reports inflation in
11:35order to justify rate cuts that simply
11:38don't need to happen. So, let me tell
11:40you what this actually adds up to
11:41because this is the mechanism and once
11:43you understand this, you'll know why
11:45it's so important for your portfolio. If
11:47Kevin Warsh pulls this off, he cuts
11:49interest rates while real inflation is
11:51still running way above target. Rates
11:53below the actual pace at which prices
11:55are rising. There's a name for that,
11:57negative real rates. In plain English,
11:59it means your cash earns less than
12:02prices climb. Your bonds hand you back
12:04dollars that buy less than the ones you
12:05lent out and the official gauge, the one
12:07on the front page, says inflation is
Negative Real Rates And $39 Trillion
12:10down the entire time. That is not an
12:12accident and it's not incompetence. It
12:14is the oldest playbook there is. It is
12:16how every government buried in debt has
12:18ever dug itself out. You don't default,
12:20you don't raise taxes to a level that
12:22gets you voted out of office, you pin
12:24interest rates below the rate of
12:26inflation and let the debt quietly
12:28shrink in real terms while the people
12:31holding the currency eat the difference.
12:32And you need this playbook desperately
12:34because look at the numbers underneath.
12:36US federal debt just hit a record $39.4
12:39trillion. It's up $3.2 trillion in a
12:42single year. The first 9 months of
12:44fiscal year 2026 produced a deficit of
12:46$1.37 trillion, which is worse than the
12:49same period last year. Washington's
12:51strategy is not a secret and it's not
12:53changed in 20 years. Raise the debt
12:56ceiling, keep spending, run the deficit
12:58meaning spending more money than we
12:59actually take in, repeat. There's
13:01exactly one way to survive a $39.4
13:04trillion debt pile at 4 to 5% interest
13:06rates while running a $1.4 trillion
13:08annual deficit and it's not cutting
13:10spending and it's not growing your way
13:12out of it. It's not even a balanced
13:13budget. It is inflating the debt away
13:15with money that didn't exist before.
13:18Think about it this way. Kevin Warsh
13:19basically has two doors in front of him.
13:21Door number one is dovish, which means
13:23you do not blow up the fiscal position
13:25of the United States. Door number two is
13:28Hawkish, which means you do. And if you
13:30genuinely believe that they're going to
13:31walk through door number two and
13:33detonate the entire balance sheet of the
13:34country that he works for, thus sending
13:37the entire economy into a massive
13:38recession, then the value proposition of
13:40Bitcoin is zero and you may as well sell
13:42all of it. But they're never going to do
13:45that. They have never walked through
13:46door number two, not in 2008, not in
13:482020, not once. They always choose to
13:51print money every single time. The only
13:53variable has ever been how long they
13:55talk tough before they actually did it.
13:58And that is why the money supply is the
14:00only chart that has ever mattered. By
14:02the way, I just launched a community for
14:03serious Bitcoin investors called the
14:05Hard Money Room. Weekly live discussions
14:07with me, price targets, and people who
14:09actually understand this at a high
14:10level. The link for that is in the
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A Word From Our Sponsor
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What 64 Actually Means
14:40thanks to Strong Wealth for being a
14:41partner of the channel. All right, so
14:43back to the number I mentioned at the
14:45start of the video, 64. I want to pull
14:47all of this together because I promise
14:49you I would come back to it. Here's the
14:51thing about the consumer price index,
14:52the preferred measure of inflation that
14:54the public always hears about, that
14:55almost nobody understands.
14:57CPI does not measure inflation. CPI
15:01measures price inflation. Those are not
15:04the same thing and the difference
15:05between them is the single determining
15:07factor of where your wealth goes over
15:09the next decade. Inflation, in the
15:11original and honest sense of the word,
15:13is an expansion of the money supply.
15:15Prices are what happens downstream when
15:18that new money finally shows up in the
15:20real economy. And the relationship
15:22between those two is not immediate, it's
15:24not linear, and it is absolutely not
15:26something that the government is in a
15:27hurry for you to notice. USM2, which is
15:30the broad-based measure of the money
15:31supply, just pushed to a record $22.8
15:34trillion, an all-time high. The broad
15:36money supply is expanding while the
15:38headline says that inflation is falling.
15:40Sit with that for a second. If you
15:42haven't been aware that the government
15:43is lying to you, welcome to the club.
15:46The amount of money is going up, but the
15:47measured price of things ticked down for
15:50a month because oil got cheaper during a
15:52ceasefire that has already collapsed.
15:53That's the situation we find ourselves
15:55in now. That is the gap, that is the
15:57whole game. So, now back to 64, that
16:00number I told you to hold in your head
16:01at the start of the video. 64
16:03consecutive months of inflation above
16:05target is not a story about the Fed
16:06being bad at its job. The Fed is not bad
16:08at its job. 64 months of above target
16:10inflation, while the money supply grinds
16:12to record highs, while the debt
16:13compounds, while rates sit below the
16:15rate of money growth, is what a
16:17successful debt devaluation policy looks
16:19like from the inside. This is not a bug,
16:22this is actually a feature. The 2%
16:24target is not a promise that they're
16:26failing to keep. It is a speed limit
16:28that they never intended to observe in
The 1970s Playbook
16:30the first place on a road that they're
16:31driving down on purpose. And they are
16:33about to change the speedometers so that
16:35the number reads slower. Now, you might
16:37be sitting there thinking, "Okay, but I
16:39do not run the Fed. I don't trade bonds.
16:41What am I actually supposed to do with
16:43any of this information?" Here's what
16:44you're supposed to do. Look at what
16:45happened the last time the people in
16:47charge ran this exact playbook, the
16:491970s. Rates were held below the rate of
16:51inflation on purpose. We detached the
16:53dollar from gold, currency debased on
16:55purpose, and everyone was told that the
16:57plan was under control. Gold went up
16:5923x, silver went up about 30x, oil went
17:02up 12x, and the S&P 500 returned about
17:0512% a year for the entire decade, which
17:09after inflation was a catastrophe. And
17:11the purchasing power of a US dollar fell
17:13by 55%.
17:15So, inflation rewarded hard assets, but
17:18everything else got quietly devalued.
17:20Now, hard assets have been miserable
17:22this year. I'm not going to pretend
17:23otherwise. Bitcoin is down roughly 30%
17:25in 2026. Gold is down around 7%. Still,
17:29they were the two worst performing
17:30assets of the year, which is a
17:31combination that has never happened
17:33before in a single calendar year.
17:35Meanwhile, the S&P 500 has printed 24
17:38new all-time highs. So, if you own
17:39Bitcoin right now, you've been punished
17:41for six straight months, and you're
17:42wondering whether the thesis broke.
17:45Well, good news is it didn't break. It
17:47just got early. There is a difference,
17:49and the on-chain data is telling you
17:51exactly where we're standing. Bitcoin is
17:53at roughly $64,000. The true market
17:55mean, which is the average cost basis of
17:57every active investor in the market,
17:59sits at $76,600.
18:01The short-term holder cost basis, which
18:03is the break-even for anyone who bought
18:04Bitcoin in the last 6 months, sits at
18:06$72,200.
18:08Price has been below both of those
18:10levels since early February. That is
18:12five straight months, one of the longest
18:13deep value stretches in the asset's
18:15entire history. The total profit and
18:17loss that is unrealized in the Bitcoin
18:19network is at -0.13. So, the average
Bitcoin In The Cheapest 19% Of Its History
18:22holder in this market is underwater, and
18:24they have been for the last 6 weeks. 43%
18:27of long-term holders are locking in
18:28losses, which peaked at $280 million in
18:31a day, the highest level since December
18:33of 2022. So, translate that from Bitcoin
18:35speak to plain English, the people who
18:38bought the top and swore that they would
18:39hold it forever are the ones selling
18:41right now. That is what a bottom looks
18:43like. That's what capitulation actually
18:45is. It's not a crash, it's just the
18:47slow, grinding, boring surrender of the
18:49last people who believed in it. And if
18:51you take a look at the ratio of
18:52Bitcoin's price to the average cost
18:54basis of people holding Bitcoin in the
18:56network, it's currently sitting at the
18:58cheapest 19% of every price that it's
19:01ever traded in its entire history. So,
19:03is the bottom in? I'm not going to
19:05insult you and tell you that I know.
19:06Long-term holder capitulation has not
19:08cooled yet. There's still plenty of
19:09selling going on, and until it does, the
19:12floor is not confirmed. Historically,
19:13every additional 10% of a drawdown has
19:16added roughly 3 months to Bitcoin's
19:18recovery. And the last leg down was only
19:20a month ago. So, on history alone,
19:22you're probably looking at another
19:24couple months of exactly this. The
19:26choppy, boring, demoralizing sideways
19:28price action, which is the point.
19:31Bitcoin does not bottom when people are
19:33the most afraid. It actually bottoms
19:35when people are the most bored. Last
19:37cycle, that was the $16,000 to $22,000
19:40range. And it felt like absolutely
19:41nothing was happening for months because
19:43it wasn't. $60,000 feels exactly like
19:46the new $20,000. Fake breakouts, threats
19:49to go lower, endless choppiness, and
19:52everybody who is here for the ride
19:53quietly closing the app and going to do
19:55something else with their afternoon. And
19:57that is the exact setup, the one that
19:58makes this entire video connect. You
20:00have an asset sitting at the cheapest
20:0219% of its history with its holders
20:04capitulating in a market that's bored to
20:06tears with it. And you have a Federal
20:08Reserve Chairman who is publicly
20:09building the machinery to redefine
20:11inflation downward so we can cut
20:13interest rates into a $39.4 trillion
20:16debt pile, a $1.37 trillion deficit, and
20:18a record $22.8 trillion money supply.
20:22And an oil shock that is reloading in
20:24the straightest of moves as we speak.
20:25Those two things are not going to
20:27coexist for very long. The technical
20:29line to watch is the 200-day moving
20:31average at $74,000. That is the level
20:33that acts as a resistance in a bear
20:35market and support in a bull market. And
20:37Bitcoin just crossed back above its
20:3850-day moving average for the first time
20:40since May. So, if price can reclaim the
20:42200-day and hold it for a couple of
20:44weeks, the bear market is probably over.
20:46But below that, we're still firmly
20:48there. So, this is the part where I tell
20:50you what I'm actually doing, and it's
20:52not exciting, and it's not supposed to
20:53be. I'm not trying to time the exact
20:55low. Nobody times the exact low, and the
20:57people who tell you that they did are
20:59either lying to you or they got lucky.
The 200-Day Line
21:01What I'm doing is buying steadily in the
21:04range where the average holder is
21:05underwater, where long-term holders are
21:07surrendering, and where the asset trades
21:09in the cheapest 20% of its history. All
21:11while the institution that issues the
21:13dollars is quietly assembling the tools
21:16to devalue it even faster. Because the
21:18trade here is not Bitcoin against the
21:20price of Bitcoin last month, the trade
21:22is Bitcoin against the dollar. And the
21:24dollar's manager just told Congress that
21:26he has no tolerance for inflation on the
21:27same morning that his own task force is
21:29working on a new way to measure it.
21:31Coffee is up 127% Ground beef is up 79%
21:35Eggs are up 72% and a report this
21:37morning is telling you that inflation is
21:39coming down. 64 months. 64 consecutive
21:43readings above target and the response
21:44is not to fix the problem, the response
21:47is to get a new ruler. When the people
21:49in charge of measuring the problem go
21:51shopping for a smaller tape measure, the
21:53honest conclusion is not that the
21:54problem got smaller, the honest
21:56conclusion is that they stopped trying
21:57to solve it and be honest with you and
21:59started trying to hide it. You cannot
The Close
22:01vote your way out of that. You cannot
22:03save your way out of it in a bank
22:04account earning less than the money is
22:06being debased. The only thing you can do
22:08is own something that they cannot print,
22:10cannot dilute, and cannot redefine with
22:12a committee vote. That is the entire
22:14case for Bitcoin and it has never been
22:16on a sale quite like this. If you want
22:18the full framework on where the cycle
22:19actually bottoms and the levels that get
22:21hit on the way down, I broke all of it
22:23down in my last video on the four-year
22:24cycle and it pairs directly with
22:26everything I showed you here. So, go
22:28watch that one next and I'll see you
22:29over there. Channel members also got
22:31this video early, so hit the join button
22:32down below to support the channel and
22:33become a member and if you haven't
22:35already subscribed to the channel and
22:36hit the bell to get notified whenever a
22:38new video goes live and check out the
22:39hard money room at the link in the video
22:41description. I'll see you in the next
22:42one.