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If you happen to be tired of traders on Twitter, here's your take on the Bitcoin price by none other than the founder of the now-defunct drug marketplace Silk Road.
Ross Ulbricht recently predicted that the price of Bitcoin could shoot up to the $100,000 level in 2020 based on the Elliott wave theory.
"Thus, we have a price and target for the end of wave I of ~$100,000 some time in or near 2020."
However, he warns crypto enthusiasts that market moves are not always proportional, and his numbers, which are based on Bitcoin's past price action, are by no means precise.
Bitcoin price predictions in prison
Ulbricht claims that he has several Bitcoin charts sent him to a prison cell on a daily basis. It takes about a week to put his letters online, which makes them slightly out of date. However, he states that it doesn't matter since he only focuses on the coin's long-term price action.
"The charts we will be looking at show the price of a bitcoin in US dollars over time."
According to Ulbricht, the overall trend for Bitcoin is still up (despite a severe price correction).
The first cycle is divided into five waves that also feature "intermediate" waves. The end of the fourth wave market the bottom of the 2014-2015 bear market when the price of Bitcoin plunged to $175 in January 2015 before gearing up for its parabolic rise to the current all-time high (ATH) that was conquered back in December 2017.
Ulbricht further explains that the ATH could mark the end of the third wave while another bear market that started in January 2018 could be the fourth wave.
"If the ~$20,000 peak is the end of wave (3), then the correction pattern we are in (or just came out of) is wave (4), and we can expect wave (5) to take us to new all-time highs."
There is also an alternative scenario where the $20,000 peak was the end of the fifth wave. It means that Bitcoin could be correcting its entire move from the very beginning.
However, if the fifth wave is still unfolding, the next bull run could last until February 2021 and could ultimately take the price of Bitcoin to $100,000 as early as in 2020.
"Get him out of jail"
Recently, venture capitalist Tim Draper opined that Ulbricht had to be freed from jail. "Dread Pirate Roberts" is currently serving a double-life sentence in prison (plus 40 years) as a first time, non-violent offender after being convicted of all charges in 2015.
“Get him out. We need entrepreneurs like that guy,” he said.
Notably, Draper also predicted the Bitcoin price could surge to $250,000 by 2023 because of growing adoption.