Ross Ulbricht, founder of the infamous and now-defunct dark web marketplace Silk Road, published an analysis and prediction for bitcoin’s price.
Ulbricht, who is serving double life imprisonment without the possibility of parole for his role in operating Silk Road, published a series of Medium posts on Dec. 10 outlining bitcoin’s price movement. According to the posts, Ulbricht has bitcoin charts sent to the prison weekly in order to provide analysis on BTC,
They take a few days to get to me and a few days to get back and put up online, so everything you see is at least a week out of date. This is fine though because we will only be looking at large movements in the market on the scale of months, years and even decades.
Ulbricht goes on to apply Elliot Wave Theory to bitcoin’s price chart, walking readers through each step of his analysis. Ultimately, he concludes that BTC’s next significant rally will take the price to $100,000,
Thus, we have a price and target for the end of wave I of ~$100,000 some time in or near 2020.
Ulbricht reminds traders that there is no rule that the market will move to be proportional with his analysis and that the pattern “may or may not continue.”
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