Hi Statman! Thanks for posting your write up it always gives me great clarity on the markets and it is definitely appreciated. My thoughts on btc long term is positive. Every historical bear market low in btc has been higher than the previous bull market high and every bull market high has been much higher than the previous. This is very constructive and in my opinion constitutes a secular bull market. My analysis is also that there is a positive feed back loop brewing between price and volume. The idea that most people value btc by a multiple of volume makes it an even greater candidate for this paradigm. Higher prices will create more volume (or is it more volume creating higher prices?) and this feedback loop will justify even higher prices and so on and on the loop goes until money drys up.