His whale activity score has not increased during this spike, unlike prior major lows in 2018 and 2022. If whale activity does not pick up, Bitcoin could get at least one more scare in Q4, while rising whale activity would support continued spot demand.
Gold remains long-term bullish. If there is a market correction later this year, gold is likely to print a higher low rather than a lower low because gold often bottoms in the summer of midterm years, and inflationary policy supports hard assets.
Energy has been a main bullish sector this year, just made new all-time highs, and historically energy has remained strong well after the stock market has topped, so he believes the energy sector still has room to run.
Historical midterm years (2014, 2018, 2022) saw two stock market corrections: one early in the year and another starting around August/September. He expects a second correction this year of 10-20%, likely to begin in September, possibly around the next Fed meeting. This correction would coincide with Bitcoin's final market cycle bottom.