Bitcoin is the canary in the coal mine for liquidity; liquidity is tightening and will likely continue to do so for years. Typical Bitcoin corrections are 75-80%, and from a $125k top this implies a decline to roughly $30-35k. He absolutely expects Bitcoin to go below $50k.
Gold and silver are not likely to see new highs and will probably go a little lower from here. While a major crash is unlikely, the stronger US dollar and the move out of financial assets will pressure precious metals.
No major correction is likely until at least the second half of 2027. By the end of 2027, equities will make new highs, supported by the bullish midterm election cycle during the last two years of the presidency.
As part of the liquidity cycle, money is flowing out of overextended financial assets and into real economy assets such as energy and oil. Sticky inflation and conflicts over real-world resources further support this rotation.