The 'Silk Road Underworld' tycoon predicted Bitcoin's price would drop to $ 1,200 before rising again

    Underworld tycoon Silk Road: Bitcoin price could drop to $ 1,200 before rebounding

Forget $ 100,000. Silk Road underworld tycoon Ross Ulbricht predicts Bitcoin's price will drop to $ 1,000 before making another rally.

Ross Ulbricht - the founder of the infamous dark web market Silk Road, has discovered a "strong signal" that will cause BTC prices to go lower.

According to his latest analysis - based on the Elliott Wave theory, the price of the leading cryptocurrency could fall to as low as $ 1,200.

Bitcoin's third bear market may end in June

Ulbricht stated that BTC is currently in the final stages of a bear market (bucket or bear market) at the first cycle level. Wave II contains three first degree waves, with C being the largest.

It is unclear how wave II will go, but Ulbricht noted that the previous two bear markets caused BTC to drop 86% and 94%, which means bulls could still see further losses. Therefore, he emphasized that a similar price drop would likely push Bitcoin to $ 1,200.

According to Ulbricht, it's hard to estimate the timing of this bear market, but, based on historical data, it could end in June.

“Estimating the range and timing of wave II is difficult and inaccurate. There is no limit to its lows (except from $ 0), because wave 1 starts at $ 0. ”

Source: Medium
Source: Medium

BTC is not likely to return $ 14,000 soon

Ulbricht also added that Bitcoin could disable this bearish scenario if the price bounces back above $ 14,000 (the highest level in 2019). However, this case seems to be "incapable of him".

"If the price returns above the peak of $ 14,000, we will have to reevaluate our interpretation, but at this point, that scenario seems very unlikely."

In December last year, Ulbricht had predicted that BTC could rise to $ 100,000 by 2020, but a fall below the start of wave 2 ($ 4,200) on March 12 led to a bullish scenario. This cannot be done.

However, if BTC is on the right track that Ulbricht sees to hit $ 1,200, he will consider it a "great buying opportunity" before the start of wave 3.

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According to U.Today
Translated by ToiYeuBitcoin

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. Mr Cuong.
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