The catalyst Bitcoin needs for new highs: Charles Edwards on the short squeeze

Transcript

I I basically don't think we're going to get an all-time high in Bitcoin until something changes. And that change could be one of a few things. It could be Bitcoin has just finished its biggest short squeeze in history and is fighting to hold on to the gains. Is the bull run back? Or is this rally going to fade? Hello and welcome to the Milkro Show, the podcast that knows that whichever direction Bitcoin goes from here, it's going to scare a lot of people. I'm your host, John Gillan. Today is Monday, August 24th. We are going to be releasing this episode on Tuesday, August 25th. And today we are joined by Charles Edwards. Charles is the founder of Caprioli Investments, a systematic macro hedge fund specializing in Bitcoin and digital assets. He develops proprietary strategies from over 200 different onchain and macro signals. He is known for creating widely used

onchain models and being one of the most controversial analysts in Bitcoin, but also one of the best. Charles is going to tell us what's going to happen next. If that sounds good to you, make sure you like and subscribe. Share this episode with somebody who's going to enjoy it. A reminder, today's podcast is free and that would not be possible without our wonderful partners at saber.money, the stablecoin payments platform built for Asia. So keep an ear out for more information on them later in the episode. But for now, welcome back to the Milk Road Show. Charles, how are you, sir? >> I'm great. Good to be here, John. >> Charles, I saw on Twitter you just got back from vacation to see the carnage on the charts, and I wanted to start the conversation there. Uh we've seen this huge huge short squeeze. Uh $5 billion

in shorts liquidated I think is the estimate right now. Largest short liquidation in history in crypto. Over $500 billion added to the market cap of crypto. What's your initial reaction to this and what are your thoughts on this big move we've seen? >> My initial reaction would be it would have been nicer if it happened a week later when I was uh more readily at the desk. I mean I yeah generally it's obviously great. I commented or tweeted just uh about a week before it happened that institutions had finally flipped to being net buyers of Bitcoin and basically that's the backdrop where all the good moves in Bitcoin happens is when buy uh institutions that's ETFs treasury companies are buying more than Bitcoin is being mined. Um so we're now

net about 150% of positive buying as opposed to the the net supply to the market. Um, and I think, yeah, obviously the big drivers of that move were the Treasury change, um, the the bond buybacks and also probably and possibly more importantly Trump saying that he'd consider buying Bitcoin and also dropping things like bringing hype into America and stuff like that. So, yeah, the technical move is great. Uh, a level I've mentioned quite a bit in recent months is 65 and 70K and we've broken both of those pretty convincingly. Um, and that's pretty much all you need to kind of flip technical bias in my

opinion to be bullish. So, as long as those kind of levels hold, 70K in particular, I think you can't be too bearish in terms of the technical side of things. And at the same time for the last few months uh I think as we probably spoke about last time we we caught up the fundamentals onchain data has been kind of in a value zone. U not the deep deep value of prior cycle bottoms but definitely in a value zone which means that this could very well be the bottom. Um but we can dive into the different aspects of that today I guess. >> Yeah. Well, I I do want to dive into a lot of things, but I do want to start with the first thing you mentioned, which was that on August 13th, you tweeted that institutions had flipped to becoming net buyers of Bitcoin for the

first time since May of this year. I'd love for you to expand on that and are you seeing that buying accelerating uh or just any change in that after this major short squeeze that we've seen? >> Yeah, I mean I can I can just pull it on chart on on screen perhaps. Then it has been accelerating um for the last sort of month or so since really yeah mid July is kind of when it started accelerating upwards in terms of the total buying of ETFs and treasuries. Uh it's pretty much been led by ETFs as we know treasuries like Sailor were selling Bitcoin at the bottom um which turned out to be a positive thing I think for price. So yeah, it's

been accelerating. The the blue line here is the total buying of institutions. The green is the ETFs and the orange is the treasuries. If it's above this sort of gray line here, that means it's positive as in greater than zero. It's above the red line, that's the Bitcoin mine supply. That's when you've got net sort of buying pressure. Um and this chart down the bottom, the oscillator flips green when it's the blue minus red. So yeah, we're at about 160% of daily mind supplies being bought up um by institutions. It tends to be that the ETFs being more liquid move earlier and and they can be provide an earlier signal as they have this time and the trend is definitely going up. So yeah, I mean that's good for now. As

long for me, as long as this is green and it's greater than um the red line, that's when all the positive things in Bitcoin price history happens in in in basically all the cycles in the last uh five or six years. So, >> okay. So, you're saying that you're seeing this uh buying from the ETFs as a leading indicator and that's seen follow through on the price action on the charts. Talk to me more about some of these key levels. Why 70K? Is there a specific technical reason why that level is important to you? Um and yeah like expand to me a little bit more on you know what you are watching for for move an indication that bitcoin is going to either go higher or or retrace here.

>> So it doesn't have to necessarily in terms of the buying it doesn't have to necessarily be a leading indicator that's with a lot of these onchain metrics as well like even hash ribbons sometimes it can be a bit lagging the hash ribbons had a buy signal as well by the way about a few days about a week ago. Um, but it sometimes they're lagging, sometimes they're leading, but they're generally you want to look for the confluence of them happening. And generally the good thing happen the good things happen to price when you've got that backdrop of buying. In terms of technicals, uh the the biggest levels for me uh or the most important ones I to look at are the monthly uh levels.

The prior all-time high being 2021 being at 60 uh 61K. So we we kind of revisited that as pretty much the low of this year. So, that would be a level you'd expect to hold. If we if we lost 60 um on a weekly, monthly time scale, that would be would have been very concerning. Um as long as we're kind of above 60, that's net. Okay. But to kind of get that positive confluence that you've got a bit of a trend reversal happening, you want to see some positive movement upwards. And then the next level from there is 71K. And that's basically where we had that six-month cluster um of price not going anywhere in in March 2024. Um so we broke above 21K sorry 71K.

I'd want to see that hold obviously this month uh being August. It'd be pretty surprising if it didn't given we're at 78.8 right now. Um we could definitely revisit it. It's not to say we're not going back there to 71K, but um as long as it kind of holds on a monthly basis at this point. I think it's, you know, a positive trend confirmation that we're probably put in a low for the time being at least. Guys, I hate to alarm you, but this is your last chance. Tonight at midnight Eastern, the price of Milk Road Pro goes up 60%. You can get it for $25 a month or $250 a year. And along with it, get access to John and our four other analysts as we enter this potential bull run and see what Jon's got in his portfolio and whether he's going to wait for another bottom or not.

Check the link below and get in. Now, >> Bitcoin right now, Charles, is trading just a few dollars off of 79K and it's been holding around in that range for a while at this point. Uh, a lot of people I think are asking where where's the entry and they're they're looking for a place to get a position here. A lot of people were caught off sides, out of position on the market. If you were somebody watching these markets right now looking for a point to get in, what would be attractive to you? Would you would you wait? Would you rush in now? Like what what what do you think about that? You know, that question right now. >> It's not an easy one to answer. Um I look if you look at there's been a few charts going around Twitter as well but if you look at where you've had periods

of massive rallies like we just had 20% in a week or was even in like 3 or 4 days especially when you've been coming out of any kind of dr down draw. It's basically always been near the cycle lows. So that would suggest we could have a scenario like January 2023 potentially. Um I think given the size of the move and some other metrics I'm looking at it's probably more like mid 2023. So that that's definitely great but at the same time we also have a fair bit of overextension in derivatives markets right now as in the highest we've seen in a few years. So um what I mean by that is just uh looking at some data on my screen but we track on our capital.com's charts

what I call heater. basically summation of funding rates, options, premiums uh and futures um index as well and basically we we wait them market cap and you can get an overall view of the futures market and it's now at a level pretty much actually the highest on record but it's comparable with when we've had big moves in October 2023 um January 24 uh we had rally in August 2020 which kind of got fully reversed if anyone remembers but tends to be that these kind of moves happen when either you're at the very start or early stages of like a significant major

move that's happening so we could have further to go or you're kind of if it's happened over if this kind of extension in funding rates and and and derived period or it's happened multiple times in recent months that's a really big red flag. So it's not necessarily a red flag yet. It actually just means there's a lot of capital getting interest in the market. Um, and that's good, but it is quite extreme. And it essentially for me means you want to see price continue to grind up from here for uh, you know, if price was to drop a few thousand and these funding rates and uh, option skew, etc. was to stay elevated and you know, you're basically not getting rewarded for that premium of cost you're paying to have those

positions open. That's when things start to get really dicey. Um, so we're not at that point yet. Obviously, price continues to go up basically every day. And it doesn't have to go up every day for that to hold, but you want to see over a daily, weekly period price grinding up from here to kind of validate all of that that basically extra risk and premium in in the dur market. So, yeah, I mean, all this data is very dynamic that I'm talking to right now. Um, so, you know, we could dip, it could reset, and that the trend could continue. Um, but it's just something to be wary of. Like generally speaking, you want to buy I'll just pull that chart up on screen the heat so you can get a bit better of visual but you generally would prefer to buy um when

it's green that's which means people are net short or or bearish like we had in mid2021. We also had a long period of that um well not long multiple periods of it in recent months where he was in the green zone 02. So you can see right now it's it's literally like the highest ever I think on the short term >> pretty common thing right now you know >> that's true. Yeah. And I mean the size of the move and the technical impact of it is major like and with with all these things at the end of the day if Trump says tomorrow the US government is now buying Bitcoin none of these metrics matter. Like who cares like where derivatives are at and all that sort of thing because we're going way way

higher. Um, so all this is you have to keep relative and that's why I like to think of as a confluence of the data in terms of onchain and and things like this derivative markets right now. Not yet a cause concern. My I guess my underlining thinking here is that I wouldn't be surprised if not much happens on the front of what Trump's saying in terms of taking action. You know we had the Bitcoin strategic reserve. pumped that up for months coming into the election and some positive policy came out of it to not sell what they have but effectively there was no action on it right um there's no real commitment to buying Bitcoin and the what is said in recent days I think is definitely positive um but you know if we don't see follow

through in the next sort of couple of months that would be probably concerning but like I said if he says next week or tomorrow we're buying Bitcoin or got this new strategy to buy some amount of Bitcoin. None of these metrics will matter. If he doesn't, these metrics will become more and more relevant every day. So, that's kind of the way to think about it. Most of the time in any investing throughout the year, you want to look at a confluence of data, but there's some periods of time when you only care about one, like a trigger event. It could be the Fed pivoting. It could be Trump buying Bitcoin, right?

Like, so, um, yeah, right now the market's playing into that happening. Um, and it would be amazing if it did, but uh, to be confirmed definitely. And I think probably to get back to your question where to enter, I think if you, if you believe in Bitcoin long term, you probably definitely want to have some exposure um, now. Uh, and you, you know, you might be able to time it and get a little bit of a dip in the coming days or weeks. Otherwise, uh, you may want to wait for some other confirmation such as, uh, Trump confirming they're buying.

But I mean, if that happens, we're going to go up probably 50% in a day. So, >> yeah, I think >> get pretty wild. >> This is a a thing I think a lot of people are struggling with. The the volatility in Bitcoin was so low for so long and this move has been so violent that I think we just we do need a little bit more time for some of these things to digest and some of the smoke to clear and kind of figure out what the market structure is now. Um, it makes it really difficult to get a position. You talked about Trump's conversation in the White House. Another thing that a lot of people have pointed to as a major trigger event for this short squeeze um has been Secretary of of the Treasury Scott Besson's comments about uh you know intervening in the bond market

effectively doubling the longduration buybacks um and shortening the duration of the outstanding US debt. Uh this kind of signals a general posture a willingness to weaken the dollar to support the markets with liquidity. talk to me about this and how important this is for the backdrop for Bitcoin going into the rest of this year and and just the outlook on that. >> Yeah, I mean when it happened obviously extremely bullish. It triggered the start of this move. Um now though and and when it happened rates dropped quite a bit but since then if you just look at the bond market it's basically ignored it. Like rates have gone right back to where they were before it happened. Um, so essentially the bond market saying we don't buy it and and rates really

haven't haven't moved much. It's not basically not having much of it's like a drop in the bucket. It's not having much impact. I think the bigger thing is the messaging it sends is that um that the Treasury and probably the broader government is willing to step in if they have to to reduce the cost of debt um maybe to trigger inflationary thing. You know, inflation in general brings down the debt burden for the government. So it's good longterm for them. Um, so all those kind of things, anything easing, inflationary, you know, cutting rates, anything, anything like that will obviously be good for Bitcoin because Bitcoin trades relative to it. If you can have, you know, a bond and get 5% or more a year, um, with theoretically zero risk, a topic of discussion for another day, uh,

then people, you know, that that's that's attractive compared to um, Bitcoin potentially at different times. So like it it's all all these markets trade relatively to each other at the end of the day. So I think the messaging was the most important. The impact was in hindsight now so far negligible and we're just again it's like what Trump said about we might buy Bitcoin. We need to see followthrough of something. I think if like if Bess does nothing for the next 6 months and Trump does nothing on Bitcoin or crypto the next 6 months then I I don't think these moves are going to be significant. We might kind of slowly grind up over time. um or you know kind of range around this region, but I don't think it's going to cause

major major moves unless there's some kind of follow through on either of those fronts. >> Okay. So, it's a positive messaging, but you're still watching to see what the action is to follow through on that. Um, another question I wanted to ask you about the macro backdrop. Um the the chairman of the Federal Reserve is scheduled to speak on Friday, Kevin Worsh, and he's been, you know, kind of going out of his way to not really say too much of anything to the markets and a lot of people are speculating about what the the Fed's interest rate policy decision is going to be in September. Are you paying attention to the Fed's moves here? Do you think there's a risk of them raising rates, lowering rates, leaving them where they are? What's what's your outlook on the the monetary policy side of things here?

>> Yeah, I mean, uh very difficult guy to read. He doesn't give anything away which yeah I I don't know I I I think I like the concept of even if it changes forward guidance that Feds used to give and they're trying to move away from that to basically give you nothing and let the market price it but markets hate um volatility and uncertainty and at least forward guidance gives you some level of certainty in an completely uncertain world of course but yeah so very very challenging I think the last time I looked We could probably pull it up now, but the the market was pricing in a couple of hikes this year. Yeah.

So, the current rate target rate for the Fed is 3.5 3.75 and Okay, it's about Yeah, we're probably getting some hikes this year. Basically, 70% chance we're getting at least one or more before the end of the year. So, that's kind of what the market's expecting. That's kind of my base case until we get more information. We've had some positive trends in recent or some positive news in recent months that inflation was more stable, but a lot of it comes down to the war in Iran um and oil prices which remain fairly elevated today. So yeah, I I mean I'm I'm assuming one based on what the market's saying, but open for that to change based on now comes in the war pretty much. I think that'll be the

driving factor. You know, one thing we've talked about a lot on this show is that crypto is quickly becoming a huge part of the global payments infrastructure. And nowhere is that more obvious than in Asia. But if you're actually running a remittance company or a payment business, you know that the hard part isn't moving the stable coins. It's dealing with local banking partners, compliance, liquidity, and all of the operational headaches that come with sending money into places like India and Southeast Asia. That's why today's partner is Saber. They give payment companies stable coinpowered infrastructure to collect and make payouts across Asia without having to build all of that complexity themselves. They've already processed more than $3 billion in transactions across 40 different countries. So, this isn't just a concept. These guys are actually doing this for real. If you're building payment infrastructure or expanding into

Asia, make sure you check out Saber.Money. Charles, I want to ask you about your thoughts on the the altcoin space. We talked about Bitcoin. We talked about sort of the macro setup here. The entire altcoin market has been kind of going crazy as well as a result of this short squeeze we've seen here. Um, obviously the performance on Ethereum, XRP, a lot of other alts, hyperlquid has been just kind of wild. Uh, what are your thoughts on that and what is your what's your forecast for the altcoin space in this this macro landscape for the rest of rest of 2026 here? >> Yeah, I mean, if this Bitcoin trend continues, which for now would be the my base case, then very positive.

Um, especially uh Trump mentioning hype. As soon as that happened, I was uh looking to scramble to get some hype. I've talked about hyper in a few podcasts recently, but I I it's a really attractive coin for a couple of reasons. The two main ones are the tokconomics and the the revenue growth rate. Essentially, any coin that has hard tokconomics like Bitcoin, effectively ETH these days, uh where you know a controlled supply, you don't have um unlocks and overhangs and all that sort of thing from VCs dumping on the market which is 99% of coins. That's great. Uh so hype they buy back 99% of their revenue or whatever it is every day. Um

that's also really good because you can then value it like a traditional equity and at the same time their revenue is growing really strongly. They're the only place so far and who knows how long that will last but where you can effectively trade US equities without any kind of KYC. So it's got a few things going. it it's you know a product that's moving really fast, innovating really fast and you can value it like I said and if you value it before this big move it had a PE of you know you could put a PE on it of circa 2025 now it's moved quite a lot um in the last few days so that ratio will be a lot higher but the other factor is what Trump said and these days if you pretty much just track any ticker that Trump has mentioned in the last 6 12 months it's

gone up a lot you know he even mentioned Dell and multiple other assets in the past and they all went on on big runs. That's not anything to predict, but the market definitely does like it when an asset has government support by Trump. So, it's got a few driving forces behind it and technical breakout. Now, um multiple of these old coins in general, just to the broader question, uh are seeing kind of similar similarly positive technicals where they've revisited major supports. that have been down big draw downs and they've kind of broken back above some kind of key level. E kind of fits that criteria. Um Athena for me also um Ccash fits that criteria.

Uh all of that said, I think so for me like I there's a definitely a case in my opinion to hold some altcoins here if you believe the Bitcoin trend will hold. All that said, and I've talked about this a lot, a lot of the risks this cycle as in going forward for me in crypto haven't been addressed, and that's the quantum risk. It's the AI risk of of more and more DeFi and altcoins being hacked. So, I'd be nervous to be too involved in DeFi on a personal level in terms of, you know, staking and flipping and and and using multiple chains and bridges and all that sort of stuff. That's not really a field I'd want to be dabbling in in the next few years. Yeah. So, it's it's that

makes it complicated. I think generally I have a a bullish position on all these things right now, but I don't have the same, you know, excitement as you might have had in sort of 2020 or 2017 or something where you didn't have these kind of overhang issues of of of hacking risk from AI of of quantum hacking risk etc. So of things like Bitcoin miners 100% of them pivoting to AI literally. So yeah there just some some unusual dynamics we have to consider. I think you know we've seen generally with Bitcoin over all its history that the volatility compresses the draw downs and the upside compresses. And perhaps it

just means we have a you know a more steady less volatile cycle from here. like cycle bottoms and tops are typically defined by volatility like we've seen, but it doesn't mean it needs to continue. Obviously, I think it will if if we get major news from the US government, but apart from that, you know, we we could just have a kind of a a a more gradual rise in in markets over time. >> So, Charles, I I want to get your thoughts on this because this is something I think a lot of people in crypto have been wondering about. You have been flagging a lot of concerns and and hacks and risks that are posed by AI. Um you tweeted about one protocol called Harmony 1 um that was you know riding high in the 2021 bull run but suffered a hack and you know has kind of

basically been wiped out by AI assisted hacks and attacks. On the other side of that there's been a lot of speculation about crypto being um a huge demand for crypto being driven by the rise of agentic finance and and more uh AI agents using stable coins and other things that drive demand for crypto. How do you think about the the the sort of double-sided nature of AI and crypto here and how are you navigating that as an investor? >> Yeah, good question. Um, definitely uncharted waters. So, we've seen hacks in general rise in crypto quite a bit in the last couple years. Trends going up.

Uh, we've seen some coins be completely wiped out. We saw just a few weeks ago cold card, which was, you know, 3 or four years ago considered one of the most secure self-custody hard wallets, be basically wiped out. um or no longer trusted, which puts it in the bin. I think these kind of things are going to continue um as AI gets more powerful and you've got more bad actors utilizing in incredible intelligence. So for me personally, it means I want to be bit careful with what I interact with. Um obviously there's no guarantees in anything you do, but if you can simplify your attack frontier, that's probably good. So, you know, you don't want to probably be staking and bridging on a huge chain of of DeFi altcoins in

at Infinitum. And yeah, so you want to probably stay with the more trusted bigger protocols that you would assume generally speaking are deeply looking at their security using AI to help them enhance their security, etc. That's the first thing for me. Um, but it, you know, we just don't know where this is all going to go in the next few years. The the hope is generally that security will keep up and that security companies and protocols um and and everything in general will be able to utilize AI to to reinforce itself before it's compromised. But we've seen that doesn't always work in terms of um agents. Yeah, I mean the agentic world is obviously exploding.

It's only going to get bigger from here at some point. The assumption is there that they're going to interact with finance and banking rails and then crypto would be better for them because you don't need to have necessarily KYC accounts and that kind of thing. I I I'm kind of neutral on this. I think yes, there will definitely be use cases for it. The extent of it will probably be dictated a bit by government. Like if you know if Trump was president forever, I think they'd probably be supportive of allowing that kind of thing. Like for example, Hyperlquid, he's he's recently said they're going to bring it into America, but I basically no other president would do or care about that.

Um, and in the past, we've seen banking rails into crypto in general for traditional banks be completely shut down just a few years ago. So I think it does depend on the the broader political environment. At the same time, I also wonder how much AI will care. Like for example, if I'm ever you assume at the end of the day, each agent or or AI is in some form or another under the control of a human, right? In in theory. So like if I want to have agents to do work for me, build applications, communicate or what have you, then in theory I could give it access to a certain bank account, um if I wanted uh give it API access and it could probably

do transactions that way. So you don't necessarily have to have crypto. I think it does make things easier. It does make things 24/7 and faster and there's definitely all the benefits of crypto in it, but it's not critical, I would say, at this point. But yeah, I I can definitely see a world where like agents in general are fully or or primarily utilizing crypto rails or stables and that kind of thing in the future. But I don't know that it's a huge driving factor in the near term sort of next 12 24 months of price action if you know what I mean.

>> Okay. So there's some short-term risks from AI. There's some long-term bullish drivers but not so much something you think is going to be majorly moving the needle in the in the short run here. But I do want to get your thoughts on the next, you know, 12 months here because I think a lot of people are wondering what happens to Bitcoin in the rest of 2026. Do you think we are going to be above or below 100K on Bitcoin by the end of 2026? Which direction do you think we're going to see here? >> 100K is a hard one for me. Um, we're not that far from it. We're, you know, we're we're last week's move away from it. So, in theory, if we did last week again, we'd basically be there. I I basically don't think we're going to get an all-time high in Bitcoin until something

changes. And that change could be one of a few things. It could be the US government buying officially buying Bitcoin or saying they're going to buy Bitcoin. It could be a more major move by the the Treasury General account, right? Uh where they're, you know, bond buying or some other format which is more powerful impact. It could be the Bitcoin core team saying, "This is our two-year roadmap to solve quantum computing risk." Right? Any of these, I think we're going to see huge repricing in Bitcoin up because it derisk things and it drives demand. Uh until then, there's that uncertainty in the air. I've said in recent months as well that quantum the quantum threat in general is is has been priced in and

it's actually a positive price catalyst now because we've done nothing effectively. Um no despite what people say in the industry, we've done nothing. So if there's any movement on that, even a plan by people of relevance in in adjusting the code, that's going to result in positive price appreciation as a risk is is is derisked. So there's one of a few a handful of things here which could really just shoot price up and just smash new alltime high and probably go way higher. If we don't get one of those kind of major things though, it's not my base case. Uh, I can see us kind of trending up to the sort of 100k region, possibly going higher than 100k, maybe even, you know, getting just uh around the all-time highs, but I don't really see us setting like a tangible

new alltime high until something changes um from the either macro perspective or the policy perspective or the or the Bitcoin central perspective. Okay. So generally basically I'm I'm I'm bullish but not targeting something really big right now until something changes. >> Okay. But >> and we have to hold 70k. Yeah. >> Right. Right. Okay. So that to summarize kind of your thoughts that I'm hearing you say you you want to see Bitcoin continue to hold the the move that it's made. You want to see some sort of like catalyst to to you know justify another move higher. Um, but until then there's a a vague bullish bias going into the the end of the year and we have to kind of wait and see follow through on some

of these other things. Anything to add to that? >> Yeah, I wouldn't necessarily say vague. I'd say like I'm I'm positioned long, right? So, >> right. It's just that >> um >> yeah, there's so many v like at all these different levels, different variables and data to consider. It's just that yeah, I you know, if it we need to see what happens when we get hired. Do you know what I mean? So like if we like I can see us trending into the '9s over the next weeks and months in this year comfortably if you know we in 2 months time or 3 months time nothing's happened on um you know from the the Treasury account nothing's happened from actually considering buying Bitcoin from

the presidential perspective and the Fed then hikes because they're expected to hike in the next few three to four months right then probably we're not going to heading to around 100, right? So, it really depends on how that data unfolds. Right now, we've got all the things you'd want to see in place. We just need to see follow through on those kind of fundamental factors. Without them, uh I'd lean towards the technicals to kind of manage risk and, you know, losing 70K. I think that would be uh pretty bearish and uh as long as we're above that, I think it makes sense to have a bullish bias to the you know to the high five digits and then assess as information comes out.

>> Well, we will reassess as information comes out. Charles Edwards, thank you so much for being on the Milk Road Show. Where can we send people to find more of you and your work online? >> Yeah, no, it's my pleasure as always, John. Thanks for the the good chat. Yeah, you can uh follow me on X at X.com/caprioli.io or you can check out our website caprioli.com. It's our hedge fund there, but also analytics and charts platform if you're into the data and metrics. >> All right. Well, Charles, I look forward to catching up with you again later in this bull run in the somewhere in the high five figures and maybe higher. Uh but until then, take care of yourself and we'll see you next time.

>> Hopefully much higher. Thanks, John. >> Cheers. >> Thank you all for joining us. I hope you all learned something today. Okay, so until next time, stay safe, stay educated, stay bullish, and we will see you all on the next episode of the Milk Road Show. Thanks for being here, everyone. Bye. >> Thanks for listening to Milk Road. If you enjoyed the show, make sure you like and subscribe. And if you're struggling to find winners in the market, that's exactly what Milkroad Pro is built for. Our analysts have called some of the biggest winners early and Pro lets you see what they're buying next, every trade they make, and the research behind every position. Check out Milkroad Pro at the link below. Everything you hear on Milkroad is forformational purposes only. These are our personal opinions, not financial advice, and we may own some of the investments we talk about.

Always do your own research and make the decisions that are right for you.