Posting to his private Medium account on April 12, the Silk Road founder wrote the latest volatility of the cryptocurrency – particularly the March 12 massacre – will more than likely result in a bear market till “June or July 2020”. However, it may drag on into succeeding 12 months.
“The cycle-degree bull market – from Bitcoin’s beginning to the ~$20,000 peak late 2019 – is over. We are now in the last wave… of Bitcoin’s first cycle-degree bear market (the largest yet).”
Bitcoin may backside out at $3,200… or decrease
To again up his assertion, Ulbricht referred to a prediction he had made in December, during which he explicit a BTC worth drop underneath $4,200 would more than likely result in a bear market. In this state of affairs, Ulbricht says the cryptocurrency may backside out at $3,200.
“A break below the major low of $3,200 will be a solid confirmation of this, at which point we will be trying to determine when the final low is in. This will be a major buying chance. If the price rises above the peak near $14,000, we will have to reassess our interpretation, but at this point that seems like a very unlikely scenario.”
Even on this demoralised final result, the wave to follow with power make the 2019 peaks appear to be distant foothills. The Silk Road founder warns that it’ll take many “fortitude” from inventors to purchase BTC at the moment, all the same the “new highs will be well worth it”.
Ulbricht is now serving two life sentences with out the chance of parole after being discovered responsible of cash laundering, laptop hacking, and conspiracy to site visitors narcotics. He however gives periodic analyses on the Bitcoin market from jail.