Ross Ulbricht, the legendary founder of the Darknet marketplace Silk Road, had made a fairly bearish prediction for Bitcoin from his cell two weeks ago, based on technical analysis using the Elliot Wave method.
For those who don’t know him, Ulbricht is a 36-year-old programmer who once founded the legendary marketplace Silk Road on the darknet. Back in the Wild West days of the Internet, you were able to buy almost all drugs and other illegal materials on his site.
Payments were made in Bitcoin due to its anonimity.
The FBI has closed Silk Road (named after the legendary Silk Road between Asia and Europe) and arrested Ulbricht. However, since he was one of the first to use Bitcoin, he is still very respected in the crypto world.
After predicting a possible Bitcoin price drop to $ 3,000 earlier this month, Ulbricht has now explained to his fans that he is still bullish in the long run and sees opportunities for Bitcoin well above $ 20,000.
From the American prison in Tucson, Arizona, he commented further on his “Elliot Wave” analysis, saying:
“If wave II takes prices down t o $1,000 and wave III is as big as wave I, then wave III will drive prices to $333 million. Assuming 21 million bitcoins, that’s a market cap of $7 quadrillion. That’s more than ten times the current GDP of all humanity. So the point is — long term — the sky is the limit.”
Ulbricht attributes every possible bearish behavior between the next two waves as nothing more than “insignificant fluctuations” and says a Bitcoin price below $ 20,000 will be foreseeable in the next decade.
While last time they commented that his technical analysis was ruined by his prison stay, Ulbricht’s fans were positive about his prediction this time around. We wonder why.