Ross Ulbricht, who founded the now-defunct web marketplace Silk Road, showcased an analysis and prediction for Bitcoin’s price. Bitcoin is expected to receive a massive price rise that may take its value up to $100,000 (£75,000) by the year 2020.
“We have a price target… of ~$100,000 some time in or near 2020,” Ulbricht wrote.
Ulbricht is currently imprisoned and serving double life imprisonment sans any likelihood of parole. He released several posts earlier on December 10, where he mentioned that the price of Bitcoin is likely witnessing a major surge by next year.
As per the sources, Ulbricht gets Bitcoin charts sent to prison weekly for offering his analysis on BTC. He believes that Bitcoin is currently experiencing an upward trend. The enthusiasm and growth prevailing around Bitcoin are also self-amplifying and likely to recur in the coming time.
Ulbricht faced a jail sentence for creating now-defunct Silk Road. It emerged as the first place Bitcoin was used in the form of a currency on a large scale.
Ulbricht was arrested way back in 2013. Soon after his arrest, Bitcoin witnessed its first massive price rise that saw it surged from a mere $100 to more than $1000 in just a few months. Later, it dipped to $175 only to bounce back in 2017 when it increased to $20,000 by the end of the year.
Since 2017 Bitcoin registered yet another decline and fell below $4000 at the beginning of 2019. The rising streak began yet again in 2019, with today’s price of approximately $7000. When he was arrested in 2013, the Federal Bureau of Investigation (FBI) confiscated nearly 1, 44,000 Bitcoins from Silk Road, and Ulbricht worth over $1 billion at present prices.
While writing his six-part blog published through letters in jail, Ulbricht used a market analysis pattern popularly known as Elliot Wave Theory to predict all-time highs for Bitcoin. And Ulbricht’s Elliot Wave theory links movement in the stock market with an observation on human psychology. The theory predicts the upward and downward movement in the stock market by recognizing extremes in investor’s psychology.
Bitcoin prices are vulnerable to hype and renewed interest; Ulbricht used the theory to highlight potential future prices of BTC.