Martin Armstrong is well known in elite financial circles. He is the creator of the Economic Confidence Model, as well as an associated very complex computer forecasting program which he developed over many years. Martin was jailed for 7 years for contempt of court for refusing to turn over to the court the computer forecasting program he created.
Mr. Armstrong has a very impressive track record – covering a period of many decades – of accurate forecasts he has made, or, in his words, that his computer program has made.
While Mr. Armstrong has not shared a Bitcoin price predicition with us – those only go to his paying clients – it certainly appears that Bitcoin is setting up for what Martin describes as a “Slingshot Move.”
In his words, “A Slingshot Move involves basically taking the market in both directions. Typically what you have to do, if you’re going to go slingshot to the upside, you have to go down first, get everybody trapped into a bearish side, and then you flip around and that provides the fuel to send it off in the opposite direction.”
Since December of last year, Bitcoin and cryptocurrencies have been going lower in price, in spite of very bullish fundamentals and developments in the sector. Just a casual glance at the Twitter cryptosphere this week shows an excessive amount of bearishness, exactly as needed for the fuel that Mr. Armstrong talks about (that fuel being shorts having to close their position when the market moves against them).
John McAfee’s forecasting program is calling for $15,000 Bitcoin this month. If a move of that size higher were to happen in Bitcoin, it would be the classic result of the setup for Martin’s slingshot move higher.
Will the slingshot move higher start this month as Mr. McAfee is predicting?
But even if it doesn’t begin this month, the conditions are aligning themselves for a slingshot move higher at some point this year.
Here is video of Martin explaining what a slingshot move is, and the conditions that create it: