Silk Road founder Ross Ulbricht believes that Bitcoin could conceivably climb to $333million over the next few years but not before it experiences a serious correction that could see it fall to $1200.
In an article published last week, using the Elliot Wave Theory, the Silk Road founder believes we are in wave 2 of a 5 wave structure and therefore still in a bear market that could continue well into 2021.
Far from being bearish, Ulbricht expects the next bullish Wave, wave number 3, to be even bigger than Wave I, a wave took BTC from $0.06 to its a peak of nearly $20,000 in late December 2017.
“If we consider $0.06 to be the start of wave I and $20,000 the end, then wave I drove prices up by 333,333x. If wave II takes prices down to $1,000 and wave III is as big as wave I, then wave III will drive prices to $333 million.” – Ross Ulbricht
Until recently, the jailed libertarian kept much of his analysis to himself, but he now writes letters from his prison cell to help other people “navigate” the market on a long term macro perspective.
In December 2019 he predicted that Bitcoin would hit $100K but as of this week revised his wave 2 target after the March 12 stock market collapse.