The call from 1Q25 with Bitcoin above $100,000 was for it to lose a zero, on the back of a 20% drawdown in the S&P 500 that stays down awhile, remains my base case. It is on the back of the call for BTC to add a zero from $10,000 in Oct of 2020 and to lose a zero from $10,000 in 1Q18. $10,000 Bitcoin is a key pivot. May the market gods be with us all when we have the next stock bear market. I think it has started. Bitcoin peaked on Oct. 6, 2025. Nasdaq peaked on Oct. 6, 2026