Ross Ulbricht revealed short-term bearish price forecast for Bitcoin
Although in the Bitcoin community, the opinion prevails that the crypto-currency needs due to their decentralised character, not a specific Person, in order to be successful, the American programmer Ross Ulbricht as one of the integral members of the industry.
Ulbricht, who was also under his Online name “Dread Pirate Roberts”, known, as he ran the infamous Darknet platform, the Silk Road, is known is that he has catalyzed much of the early adaptation of Bitcoin, when BTC was well below $ 1,000 . After he had operated the site for a few months, was arrested by the programmer and sentenced to a prison sentence. This has not prevented him, however, occasionally to communicate with the outside world through messages and thoughts that friends and family members about his Social-Media accounts to share with him. 11. In April, he shared his latest idea: a pessimistic Bitcoin-analysis.
Ulbricht is not over predicted the bear market, yet
Since the 12th century. March has Bitcoin a lens impressive Comeback by rose from all-time low at 3,700 to 7.470 in a month to 100 percent. Ulbricht, however, is not convinced. In a Medium post titled “Bitcoin by Ross #9: A Strong Signal for Lower Prices” he said that BTC, in its opinion, in the long-term Chart, currently in the second Phase of the ongoing bear market entry. Citing the Elliot-Wave, a Form of technical analysis, suggesting that the markets move because of the psychology of investors and other macro-economic factors in a predictable wave-like phases, the early Bitcoin-leader of the crypto-currency until June or July, or even until well into the year 2021 on the 2,000-Dollar or 1000-Dollar mark could fall. Such a decline would mean a further crash by 70 per cent compared to the current level.
It is important to note, however, that he noticed that the calculation of the second Elliot wave “is difficult and inaccurate,” and he wrote that “there is no limit for how deep you can fall, because [the first wave] started with 0 USD”. As a note, it should be noted that, most likely, a certain amount of time between the date on which Ulbricht put his thoughts on paper, and by the time they were made available to the Public, is, nevertheless, the Bitcoin community is shown by the contribution confused. While it was eiegntlich to an “innocent” post, responded to many in the Bitcoin community quickly with a mess of thoughts and feelings on the post. Some were a little taken aback, like John Carvalho said:
Dread Pirate Roberts now makes bearish TA…
Whale Panda, the pseudonymous Bitcoin traders and industry personality, shared the gift of the Spongebob character, Squidward, “his brain to get rid of”, and added the message: “So I felt, as I read this post”. Some were even more blunt and wrote half-jokingly: “I just pulled my support for your Petition back”, referring to the long-standing efforts to Ulbricht’s release from custody. Whatever the mood may be, the Shocked seem to be the last paragraph that he has written to erase her from your memory. At the end of his article, he wrote:
As already noted, will be the end of wave II of extreme pessimism, and possibly antagonism towards Bitcoin, which corresponds to the extreme optimism that accompanied the end of shaft I. It will require courage, in such an environment is to buy, but the rewards when prices are through the shaft III to reach new highs, it will be worth it.
The key part of the final part is, of course, in which he wrote that the third Elliot wave “will bring the prices to new highs”, and thus, the buyer of the bear market will reward you. As Ulbricht in a previous Medium post (which was published in December of last year) completed, in which he claimed that Bitcoin could reach $ 100,000:
As long as Bitcoins are still trading and the System remains technically sound, could be the end of the shaft II is the best buying opportunity we will see for a very long time, maybe even ever again.
