Did Saylor Just Fake Out the Entire Bitcoin Market?

**Kyle Reidhead** (0:00)
When stocks go up, Bitcoin goes down a little bit. When stocks go down, Bitcoin goes down a lot. That's the world we live in, unfortunately.

**John Gillen** (0:08)
On days like today, it's a good idea to remember that Bitcoin has no top because fiat has no bottom. So just because you're frustrated doesn't mean it's actually over. Hello, and welcome to The Milk Road Show, the podcast that wonders if all of this is just an elaborate plan for Michael Saylor to get all the Bitcoin.
Hello, I'm your host, John Gillan. Today is Thursday, June 4th, and today we are back with another episode of the Milk Road Pro Analyst Crypto Research Meeting. Once a week, we huddle up to discuss what's up in crypto. I always learn a lot from these conversations. I think our audience likes them a lot too. So if that sounds good to you, make sure you like and subscribe. Share this episode with somebody who's going to enjoy it. Today's episode is brought to you by Cape, the privacy-first mobile carrier, Nexo, earn interest, borrow and trade crypto, and Kalshi, will your takes finally pay out? Without further ado, welcome back to another meeting. Gentlemen, how are we feeling? It's red in the charts all over the place today.

**Kyle Reidhead** (1:00)
You know that Bitcoin also doesn't have a floor?

**John Gillen** (1:04)
That's what we're trying to find out right now. I think we're doing some live market research on that.

**Kyle Reidhead** (1:10)
But it's funny to say that about Saylor because I actually, I don't know why, but I woke up this morning. My first thought was, imagine that he's faking out the market by doing that 32 Bitcoin sell and just trying to buy it way lower. Now, he likes to buy at the very peak in the top, so it's probably not his plan. But I don't know why, but that was the first thing I thought of this morning.

**m0xt** (1:29)
Yeah.

**John Gillen** (1:30)
I think there's a non-zero chance. He was like, if I sell a couple of Bitcoin here, I could buy many, many more Bitcoin much cheaper. Martin, how are you feeling today just as a sentiment check? What's your sentiment on the vibes on the market, on crypto, on Bitcoin? How are you feeling?

**m0xt** (1:45)
Man, I'm so excited. I was calling for the pullback for the beats now. And yeah, I'm happy. I have enough cash, so I'm happy to see what's going on. I hope it's not just one day or two days correction.
I hope that we are going to lower, much lower.

**John Gillen** (2:03)
Much lower? Okay. Well, so maybe this is where we should start then. What bottom are you looking for? And when do you get interested on this? Either of you have thoughts on that right now?

**m0xt** (2:12)
Well, it depends if we are talking about Bitcoin or if we are talking about the rest of crypto or if you are talking about SELBI 500 So I think crypto was beaten down quite badly over the last few months and yet I think there is still a lot of room to fall further.
Where is the bottom for Bitcoin? I don't really know, but we have built internally Bitcoin Demand Index and once I see that, there are people interested in buying Bitcoin again. Until then, I'm not interested either.
For the rest of the market, I would like to see US indices correction for, let's say, at least 5 percent or something. Then maybe some AI stocks might get repriced and some attractives levels again. For the rest of the crypto, I think hype is down badly today, but I think it will be fine. Some correction was also inevitable because the recent price performance was just crazy. Again, as I said yesterday during our AMA, what I'm looking at right now is how the market's feedback is going to be about this pullback and what are all the doomers going to say?

**Kyle Reidhead** (3:32)
Yes, I think Bitcoin is going to go lower only because I think over the last night, it went down to what, 61,309. The problem was not a ton of volume to back that up. Almost never does Bitcoin bottom unless it has a huge volume spike in the chart, and it did not get that yesterday.
The only way we can get that is if it goes even lower. We're already at 61, so it's definitely going to break through its previous low, which was 60,000 bang on, pretty much.
I don't know how long that will take to pan out, but I do think we're going to go lower. Probably it happens this week, I would assume. It doesn't look like there's much strength where we're currently at.