Former Silk Road Administrator Thinks Bitcoin will Smash $100k in 2020
Ross Ulbricht thinks that the price of Bitcoin is going to have a big upward rise that could lead it to the goal of $100k dollars. According to what Independent reported on December 13, Ulbricht would base its analysis on the Elliot Wave Theory.
Market Analysis of a Prisoner
Even being locked up in a maximum-security cell, Ross Ulbricht continues to demonstrate his interest in Bitcoin. The former administrator of Silk Road communicates mainly with the outside world through his Twitter account, on which he tells of his experiences and expresses his thoughts and feelings. The young convict also manages to keep up to date on the Bitcoin trend, and apparently being in prison allows him to make more lucid reasoning in order to predict where the cryptocurrency might be headed next.
On December 10, Ross published the first 6 posts of a series called Bitcoin by Ross. In these articles, he explains how the Elliot Wave Theory can be applied and how it can work for Bitcoin. The Elliott Wave Theory is usually used to describe price movements in financial markets using a technical analysis technique that involves looking for recurring patterns formed by investor sentiment and market psychology.
In his posts, Ulbricht predicts a Bitcoin price spike between $93,000 and $109,000 before March 2021. These predictions are based primarily on the assumption that Bitcoin price movements are mainly driven by investor expectation, which can consequently generate excessive enthusiasm from buyers and artificially inflating prices.
However, the Elliot Wave Theory has some weaknesses in predicting future patterns; it is possible that the market will create patterns that appear to be cyclical without any simplistic underlying causality based on patterns and visual analysis. We could say that the Wave Theory is useful as a tool for organizing ones opinion about the markets, but it has very little predictive power in the storm of real market action.
Is There Hope for Ross?
Ross Ulbricht (born 1984), was jailed in 2013 on charges of money laundering, computer hacking, and conspiracy to traffic narcotics linked with the Silk Road market. Although it is difficult to think that a student with little computer knowledge was the only architect behind one of the biggest dark web markets, he was sentenced to two life imprisonment terms in 2015 to be served concurrently, with no chance of parole.
Currently, Ross is receiving support from several members of the crypto community, but the main support comes from his mother, Lyn Ulbricht, who is actively engaged against her son’s unfair sentencing. Lyn is also the CEO of the Free Ross movement, a petition on change.org which aims to bring Ross back with his loved ones.
Important to note that the petition has recently reached 250,000 signatures.