- Silk Road founder Ross Ulbricht uses Elliott Wave theory to show how bitcoin could hit $100,000 by 2020.
- Sentiment towards crypto has taken a decidedly bearish turn in recent months.
- Bitcoin continues to trade below the $7,000 mark on Wednesday.
Bitcoin’s latest brush with six-month lows has attracted nasty commentary about the future of digital assets. Although the so-called bitcoin obituary hasn’t added any new listings since November, fund manager Peter Schiff is already consoling millennials about their foolish decision to dabble in the asset class.
Even with the latest drop, bitcoin’s trajectory isn’t nearly as bad as its opponents claim. Zooming out to a longer time frame, bitcoin is still the best-performing asset of the decade, according to Bank of America Securities. Ross Ulbricht, founder of the infamous Silk Road marketplace, believes bitcoin’s life-changing returns are only getting started. And he uses Elliott Wave Theory to prove it.
Bitcoin Could Hit $100,000: Ulbricht
Ulbricht took to Medium earlier this month to explain why he thinks bitcoin is on the cusp of a major breakout. Using Elliott Wave analysis, Ulbricht predicted that bitcoin is now in a fifth and final primary wave of the first cycle uptrend. Wave 4 concluded all the way back in 2015 when bitcoin was priced around $175. Over the next three years, bitcoin would make exponential moves higher, eventually peaking near $20,000 in December 2017.
Wave 5 could be interpreted in many ways, each with different consequences. One interpretation is the following:
In traditional Elliott Wave theory, price discovery and trading volume in Wave 5 are much lower than previous waves.
After analyzing several possibilities, Ulbricht concluded that the next major cycle could take bitcoin to a price point of around…