“I think all of these things are kind of baked in right now, and the trade location is poor,” he said. “Even the dollar, I’ve been very negative on the dollar since January of 2017 but I actually turned neutral on the dollar a little bit lower than where we are right now ... just because these things seem like they’ve gotten too deeply into the consensus narrative.”
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Often investors and stock traders talk about "positioning" themselves in the market or taking a "position" in a company's stock. In this context, he's saying the current price is too high to justify purchasing or holding bitcoin due to the downward risk. In other words, if the price were a street and the risk were a cross street, we'd be in the wrong part of town.
