I don't understand why he's so hung up on this.
In addition to having poor judgments, it also seems very paranoid to me, from one perma-bull he has become an overnight pessimist.
It might say something about his or Fundstrat's open positions. I got the feeling he and his investors were long and in a lot of pain in late 2018. That recency bias may have pushed them to cover their positions over the last few months.
As a matter of fact he estimated BTC's valuation around $14K last December, which supports that idea.
He might be viewing everything through bearish lenses now.