Yeah - fair call. Leverage is brutal when you're marked to market every second.

I really don't see evidence of a lot of leverage right now though.

The real issue I see, will be when we're at $250K+ & banks are throwing credit at anyone with Bitcoin. Yeah it'll push Bitcoin well over a $1M USD but it's a line of dominos waiting for a shove (ie the great takening).

Will they listen to you at that point?

They might be still shitty with you that they didn't take on leverage at $120K.