Ross Ulbricht, the 36-year-old who founded the infamous darknet exchange market known as the Silk Road, has posted messages predicting what Bitcoin will do in the next few months.
In essence, Ulbricht believes that before Bitcoin greets a bull, it’ll give a deep bow to a bear.
The early Bitcoin adopter is currently serving two life sentences plus 40 years without parole.
His twitter followers didn’t greet his bearish forecast for the next few weeks with much enthusiasm.
Using the Elliot Wave Theory he uses, we are currently witnessing the last wave of its second, bearish cycle.
“Estimating the extent and duration of wave II is difficult and imprecise. There is no limit to how low it can go (except [USD] 0) because wave I started at [USD] 0). And there is no hard limit to how long it could take.”
“A break below the major low of [USD] 3,200 will be a solid confirmation of this, at which point we will be trying to determine when the final low is in. However, if the price goes above the peak near USD 14,000, a reevaluation of the prediction will be necessary, but at this point that seems like a very unlikely scenario,” he states.
Commenters did not agree, stating that prison is clearly doing immense damage to his technical analysis.
Bitcoin is having a good year 2020. Although the most famous cryptocurrency lost half of it’s value during the Covid-19 market crash of 12 and 13 March, it quickly rebounded and was last week already trading positive for the year. This weekend it has seen profit taking by Whale investors and many are therefore wondering whether we will see confirmation of a bullish trend in the coming days.