Bitcoin Price Is Likely to Plunge to $1K, Says Silk Road Founder

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Published Apr 12, 2020

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Forget about $100,000. 'Dread Pirate Roberts' Ross Ulbricht expects the Bitcoin price to plunge to $1K before another bull run.

Ross Ulbricht, the founder of the infamous Silk Road dark web marketplace, has spotted 'a strong signal' for lower BTC price.

According to his new price analysis that relies on the Elliott Wave theory, the Bitcoin (BTC) price could plunge to as low as $1,200.

Ulbricht states that BTC is currently in the last stage of its first cycle degree bear market. Wave II is comprised of three primary-degree waves, with wave C being the largest one.

It is not clear how low wave II can go, but Ulbricht notes that the two previous bear markets resulted in 86 percent and 94 percent drawdowns, which means that there is more pain in store for the bulls. Hence, he notes that a similar price plunge could take Bitcoin all the way down to $1,200.

According to Ulbricht, it's hard to estimate the duration of this bear market, but, based on the historical data, it could end this June.

'Estimating the extent and duration of wave II is difficult and imprecise. There is no limit to how low it can go (except $0) because wave I started at $0.'

Ulbricht also says that Bitcoin could invalidate this bearish scenario is its price surges back above $14,000 (its 2019 high). However, this turnaround seems 'unlikely to him.'

'If the price rises above the peak near $14,000, we will have to reevaluate our interpretation, but at this point that seems like a very unlikely scenario.'

Back in December, Ulbricht predicted that BTC could surge to $100,000 in 2020, but the drop below the start of wave 2 ($4,200) on March 12 made such a bullish scenario improbable.

However, if BTC were to drop to this level, Ulbricht would view it as a 'major buying opportunity' before the start of wave 3.

Bitcoin (BTC) Halving Searches Breakout With Biggest Event in Crypto Just 30 Days Away

The Bitcoin halving countdown has reached the one-month mark with estimates targeting 29-31 days left to go.

The BTC halving event will reduce the amount of new Bitcoin entering the circulating supply by dropping mining rewards by 50%.

The event has triggered increasing interest as central banks resort to money printing to counter the economic blow of coronavirus.

“Bitcoin halving countdown”, “Bitcoin halving price chart” and “Bitcoin halving clock” are all currently trending on Google as breakout searches in the US. “Bitcoin halving prediction”, “Bitcoin halving price prediction” and “Bitcoin halving 2020” are all breakout searches worldwide.