BITCOIN IS STILL HEADING TO $500K DESPITE RECENT CRASH SAYS ARK INVEST CEO!! WHAT’S NEXT FOR BTC?!!

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Forget about $100,000. ‘Dread Pirate Roberts’ Ross Ulbricht expects the Bitcoin price to plunge to $1K before another bull run.

Ross Ulbricht, the founder of the infamous Silk Road dark web marketplace, has spotted ‘a strong signal’ for lower BTC price.

According to his new price analysis that relies on the Elliott Wave theory, the Bitcoin (BTC) price could plunge to as low as $1,200.

Ulbricht states that BTC is currently in the last stage of its first cycle degree bear market. Wave II is comprised of three primary-degree waves, with wave C being the largest one.

It is not clear how low wave II can go, but Ulbricht notes that the two previous bear markets resulted in 86 percent and 94 percent drawdowns, which means that there is more pain in store for the bulls. Hence, he notes that a similar price plunge could take Bitcoin all the way down to $1,200.

According to Ulbricht, it’s hard to estimate the duration of this bear market, but, based on the historical data, 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.’

Ulbricht also says that Bitcoin could invalidate this bearish scenario is its price surges back above $14,000 (its 2019 high). However, this turnaround seems ‘unlikely to him.’ ‘

If the price rises above the peak near $14,000, we will have to reevaluate our interpretation, but at this point that seems like a very unlikely scenario.’

Back in December, Ulbricht predicted that BTC could surge to $100,000 in 2020, but the drop below the start of wave 2 ($4,200) on March 12 made such a bullish scenario improbable.

However, if BTC were to drop to this level, Ulbricht would view it as a ‘major buying opportunity’ before the start of wave 3.

Bitcoin (BTC) Halving Searches Breakout With Biggest Event in Crypto Just 30 Days Away

The Bitcoin halving countdown has reached the one-month mark with estimates targeting 29-31 days left to go.

The BTC halving event will reduce the amount of new Bitcoin entering the circulating supply by dropping mining rewards by 50%.

The event has triggered increasing interest as central banks resort to money printing to counter the economic blow of coronavirus.

“Bitcoin halving countdown”, “Bitcoin halving price chart” and “Bitcoin halving clock” are all currently trending on Google as breakout searches in the US. “Bitcoin halving prediction”, “Bitcoin halving price prediction” and “Bitcoin halving 2020” are all breakout searches worldwide.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://medium.com/@RossUlbricht/bitcoin-by-ross-9-a-strong-signal-for-lower-prices-87d2cdcdba95

https://u.today/bitcoin-btc-price-is-likely-to-plunge-to-1k-says-silk-road-founder-heres-when-this-bear-market

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Prominent on-chain data analyst Willy Woo says that Bitcoin is currently resting at a “halfway intermission” before it blasts off into potential gains of as high as 733%.

According to his BTC price models, Woo says he’s got his eye on the $300,000 level but is ready for an overshoot well past $400,000 per Bitcoin.

“The longer this bull market runs the higher the target goes, and right now it’s so fast… Right now it’s on track to go above $300,000.” 

In other trending Bitcoin News today:

Trader Who Predicted Bitcoin Crash Says Epic Bounce to $70,000 Imminent

The trader who nailed Bitcoin’s violent collapse from above $60,000 to the lows of $50,000 is now predicting that the leading crypto asset will ignite an epic bounce and restart its bull market.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

#marketupdate, breaking it down, post mortem.

We just saw the single largest 1-day drop in mining hash rate since Nov 2017. The hash rate on the network essentially halved, causing mayhem in BTC price as it crashed. pic.twitter.com/zzdgDikjXt

— Willy Woo (@woonomic) April 18, 2021

Trader Who Predicted Bitcoin Crash Says Epic Bounce to $70,000 Imminent

https://cointelegraph.com/news/china-endorses-btc-investment-5-things-to-watch-in-bitcoin-this-week

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Raoul Pal, co-founder and CEO of Real Vision Group, says Bitcoin is a “supermassive black hole” that is eating gold, the NASDAQ, banks, bonds, and commodities.

The global macro strategist notes that he also thinks BTC will outperform the G4 Central Bank Balance sheet, silver and marquee stocks like Apple and Amazon. Says Pal on Twitter:

“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense.

The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – Bitcoin.”

Pal predicts BTC will reach $1 million within five years.

The former Goldman Sachs hedge fund manager says Bitcoin is the best opportunity of his career.

“I get this sounds a little evangelical but I’m struggling to see it any other way right now. The supermassive black hole is going to suck in everything. Again, this is there best trade/investment and future opportunity I have EVER found and it has the power to give the little guy a chance to grab their share of the wealth creation before Wall Street does. Grab it.”

Analysts think that the cryptocurrency is poised to rocket even higher in the weeks ahead.

The charts show that BTC is about to break above a pivotal horizontal resistance at $14,000, which should trigger a move toward $20,000 and beyond in the months ahead:

“There are literally only two resistances left on the bitcoin chart – 14,000 and then the old all-time high at 20,000. I fully expect new all-time highs by early next year at the latest.”

Other prominent investors in the crypto space expect a strong rally in the months ahead.

Tyler Winklevoss, one of the two Winklevoss Twins that launched Gemini and are now Bitcoin billionaires, commented recently:

“I do think we will see an all-time-high price for Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

Pal thinks it’s logical to invest in Bitcoin due to the coin’s increasingly strong performance against all other assets, which should drive institutional players and retail players into the mix:

“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – bitcoin.”

It’s worth noting that Pal says to have more than 50% of his net worth in Bitcoin, arguing that it may be the best trade of his lifetime.

In other trending Bitcoin News today:

Bitcoin Price Sees Pullback, But Bulls Still Marching Toward $20K

Bitcoin’s price saw a 4% drop in the last 24 hours, but it’s unlikely to see a correction like in previous cycles for three reasons.

The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally.

The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge.

But after a large uptrend, the belief that BTC may pull back has begun to increase.

While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Bitcoin is eating the world…It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.

You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo

— Raoul Pal (@RaoulGMI) October 27, 2020

I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run

— Tyler Winklevoss (@tyler) October 27, 2020

As I’ve been pointing out… There nothing but air from $14,000 to new ATH

I don’t expect any kind of pullback until $28,000 and it may be short lived. https://t.co/UC0iCCVzp6

— Max Keiser (@maxkeiser) October 27, 2020

Wall Street Veteran Raoul Pal Thinks Bitcoin Will Pass $20,000 in Q1 2021

https://cointelegraph.com/news/bitcoin-price-sees-pullback-but-bulls-still-marching-toward-20k