If you review my linked comments going back to the day of the drop to $5850 (on Kraken), I was leaning towards we had already bottomed. But taking into account Armstrong’s analysis and the point about the panic cycle we’re in 2018 due to chaos the Trump tax plan is causing worldwide, and the rising interest rates in the USA, then I became more convinced that everything is aligned for SLINGSHOT crash of stock markets, precious metals, and cryptocurrency.
View the log chart in the comments I linked:
The pattern of 2011 and now are exactly the same, except for the less steep slope of the rise, but the slope of crash underway is the same. The price crashed 94% in 2011! Also the prior peak in 2013 and the second blue arrow drawn on the above chart align horizontally at ~$1275 for a -94% collapse where the current crash would likely meet the bottom blue line! Holy shit!
We’re apparently in the same 83 – 94% severe correction we periodically get in Bitcoin, but instead of being dragged out over a long-period of time, we’re likely to be back to ATHs before the end of the year.
Armstrong makes a very good point in his instructional video about the SLINGSHOT, that is what happens during a period of panic amplified with uncertainty; and it slaughters the majority in two directions by whipsawing them to the upside, then the downside, and then back to ATHs again. The majority are going to be like deer in the headlights. Get all your cash ready for $3500!
OTOH, there’s still a possibility we’ve bottom already at $5850, but I’m leaning 70 – 80% towards not:
In fact, demeanor is a significant reason I don’t think we’ve bottomed yet. There’s far too much optimism still. A bottom comes when everyone becomes very pessimistic. The fact that the shitcoins are leading Bitcoin is very weird and perhaps very ominous because it means no one believes this crash is going to last very long or go very deep enough to turn away the flood of the masses and institutional investors coming into cryptocurrency.
Btw, I’m banned at BCT and don’t feel like signing up a sockpuppet account to evade the inane moderators. If anyone would like to post a link to this at the Martin Armstrong thread there, so OROBTC et al will be notified, that’d be helpful to him perhaps.
RE: POSSIBLE SLINGSHOT BITCOIN CRASH AHEAD