Ross Ulbricht, who is still in prison, remains a strong bitcoin supporter and he predicted that BTC will reach higher valuations in the future based on the Elliott Wave. In our Bitcoin news now, we find out what the prediction is like.
Ross Ulbricht based the Bitcoin prediction on the Wave theory which is tied with the stock market movements and related to human psychology. The levels of interest and enthusiasm are usually cyclical which results in the stock market cycles. Since the bitcoin prices are susceptible to the hype and renewed customer interest, Ulbricht applied the same theory to the potential future price of Bitcoin.
Ulbricht is imprisoned for running the Silk Road website but he still believes that Bitcoin is on an overall upward trend. Enthusiasm and periods of growth are also increasing and could repeat in the future as well. The Elliot Wave theory is seriously tricky since there’s no way to outline the next wave before time. The waves are only seen in hindsight and Ulbricht sees the current price movements as belonging to wave 5 which is close to over or it could be even developing further on a new set of expectations.
Counting the waves in hindsight is really simple and counting them as they develop is much more challenging but rewarding. The correct count before a wave is finished puts you into the position to predict future prices. The wave 5 started from the beginning of 2018 bit its end cannot be determined right now. In 2018, BTC for the first time felt slight increase effects of futures markets entering a new period of price discovery.
Bitcoin is extremely complicated in that the Waves could be counted on a much smaller scale. In the past months, Bitcoin’s price moved on multiple hints of fear and hype which gave 2019 several different periods. For now, Bitcoin got retrofitted in a few models and overall the general opinion is that it will continue to go upwards in the medium term. The natural growth movement was also used to chart the possible six-digit prices.
Ulbricht re-checked his model saying that the current wave can point to a new high but also it is possible for the entire climb to $20,000 to still be in a correction in the next Elliott Wave.
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