The lighting Bitcoin which saw great incrases over the past week is now bleeding over the weekend. What is interesting is that while the Bitcoin news show losses, altcoins are managing to get away with gains. According to Ross Ulbricht who is the founder of the infamous Silk Road darkweb marketplace, BTC is likely to plunge to $1,000 – and there is a strong signal for this.
New price analysis relying on the Elliott Wave theory shows that the price of the leading coin could plunge to as low as $1,200. The tweet below comes with a visualization of what Ulbricht thinks about the potential dive.
Here's my latest #BitcoinByRoss post:
A Strong Signal for Lower Prices.https://t.co/2VxoyT28NZ— Ross Ulbricht (@RealRossU) April 11, 2020
As you can see, there is also a Medium article where the Silk Road founder estimates who a drop could occur in the days to come. Ulbricht basically states that the third bear market could end this June and that while the lighting Bitcoin (which is how it was seen this week) is currently in the last stage of its first cycle degree bear market, Wave II will come with three primary-degree waves, with wave C being the largest one.
It is not clear how low the Wave II will last. However, the lighting Bitcoin is likely to plunge to $1,000 levels and the two previous bear markets resulted in 86% and 94% drawdowns, which make Ross Ulbricht certain that a similar plunge could take BTC all the way down to $1,200.
The analyst also said that it is hard to estimate the duration of this bear market. Still, based on the historical data, he thinks that 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.’
Today, the cryptocurrency news show that Bitcoin (BTC) is trading at $6,852 which is still a good position that is close to (again) breaching the $7,000 levels which are crucial for BTC right now. The fact that BTC lost around $500 in 3 days shows that there is ongoing volatility on the market for the coin. The volume of $29 billion traded on BTC might not be the indicator we need for further gains (on the more optimistic side).
Altcoins like Ripple’s XRP, Stellar’s XLM and the Huobi Token are some of the cryptocurrencies that are holding up today and posting minimal gains.
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