In such a case, the market cap of the world’s first cryptocurrency could reach $7 quadrillion, which is ten times higher than the GDP of all countries.
From $100K to $1K?
Ulbricht says that he has been preoccupied with predicting the price of Bitcoin based on the Elliott wave principle for years. Until recently, he would keep his analysis to himself, but now Ulbricht sends these letters from his prison cell to help other people “navigate” the market since he has plenty of free time on his hands.
The libertarian predicted that Bitcoin could skyrocket to $100,000 in December 2019. However, he then revised his short-term target to as low as $1,200 after the shocking March 12 crash.
Moreover, Ulbricht mentioned that the current bear market (Wave II) could drag into 2021, thus invalidating pretty much all bullish predictions.
A long-term perspective
With that being said, in his most recent Medium post, Ulbricht insists that he is still bullish on Bitcoin. In fact, he expects Wave III (the next bullish cycle) to be even bigger than Wave I, which took BTC from $0.06 to its December 2017 peak of nearly $20,000. Ulbricht claims that “the sky is the limit” for the Bitcoin price is going while describing his rationale for the aforementioned $333 mln prediction:
“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. Assuming 21 million bitcoins, that’s a market cap of $7 quadrillion.”
In retrospect, Bitcoin’s current all-time high will seem cheap, according to Ulbricht.
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