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.

Ulbricht took to twitter to explain his extraordinary thesis.

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.

Ross William Albrecht, born on March 27, 984, was convicted for creating and operating the darknet market website the silk Road from 2011 until his arrest in 2013.

The website was designed to use Tor for anonymity and bitcoin as a currency. 

Ulbricht’s online pseudonym was “Dread Pirate Roberts” after the fictional character in the novel the Princess Bride and its film adaptation.

In February 2015 he was convicted of money laundering, conspiracy to traffic fraudulent identity documents, and conspiracy to traffic narcotics by means of the Internet. 

In May 2015 he was sentenced to a double life sentence for 40 years without the possibility of parole. 

Both of all his appeals to the US Court of Appeal and the US Supreme Court were unsuccessful and he is currently incarcerated at the United States penitentiary in Tuscan.

A clemency petition to President Donald Trump has reached 285,245 signatures at the time of writing.


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