Silk Road Founder Ross Ulbricht predicts the price of bitcoin could fall to $3,200 over the next year.
Ulbricht, who is serving two life sentences in prison without the possibility of parole for his role in founding the dark web marketplace Silk Road, published a Medium post on April 11 giving his prediction for bitcoin’s price in 2020.
Ulbricht previously wrote in December 2019 that a drop below $4,200 would invalidate the impulse market for bitcoin and bring an end to the bullish cycle. Ulbricht claims his prediction was validated following Mar. 12’s cryptocurrency market crash, during which the price of BTC fell as low as $3,600.
He wrote,
The cycle-degree bull market — from Bitcoin’s beginning to the ~$20,000 peak of late 2017 — is over. We are now in the last wave… of Bitcoin’s first cycle-degree bear market (the largest yet).
Ulbricht anticipates the bear cycle for bitcoin beginning around June or July 2020, with the currency potentially falling to $3,200.
He continued,
A break below the major low of $3,200 will be a solid confirmation of this, at which point we will be trying to determine when the final low is in. This will be a major buying opportunity.
Ulbricht claimed that a price rise above $14K would invalidate his bearish scenario and require a re-evaluation of the market. However, he wrote that scenario would be “very unlikely.”
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