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The Bitcoin price could hit $100,000 as soon as in 2020 based on Elliot Wave Theory, according to Silk Road founder Ross Ulbricht.
“Thus, we have a price and target for the end of wave I of ~$100,000 some time in or near 2020.”
Ulbricht claims that he has several Bitcoin charts sent him to a prison cell on a daily basis.
It takes about a week to put his letters online, which makes them slightly out of date.
However, he states that it doesn’t matter since he only focuses on the coin’s long-term price action.
“The charts we will be looking at show the price of a bitcoin in US dollars over time.”
According to Ulbricht, the overall trend for Bitcoin is still up (despite a severe price correction).
The first cycle is divided into five waves that also feature “intermediate” waves.
The end of the fourth wave market the bottom of the 2014-2015 bear market when the price of Bitcoin plunged to $175 in January 2015 before gearing up for its parabolic rise to the current all-time high (ATH) that was conquered back in December 2017.
Ulbricht further explains that the ATH could mark the end of the third wave while another bear market that started in January 2018 could be the fourth wave.
“If the ~$20,000 peak is the end of wave (3), then the correction pattern we are in (or just came out of) is wave (4), and we can expect wave (5) to take us to new all-time highs.”
However, if the fifth wave is still unfolding, the next bull run could last until February 2021 and could ultimately take the price of Bitcoin to $100,000 as early as in 2020.
In other BTC news today:
Bitcoin’s scheduled mining-reward halving in May 2020 could leave prices for the cryptocurrency in a range between $20,000 and $50,000, according to a new estimate.
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