Bitcoin Is Set To Surge To $100k In 2020, Founder Of DarkNet Silk Road Says
The prediction that BTC will surge to $100k over the next year is popping up more and more in the crypto space with more experts saying this.
Today, the crypto market is bloody red, with all coins’ prices going down.
At the moment of writing this article, BTC is trading in the red, and the most important coin in the market is priced at $7,079.53.
A new $100k prediction for Bitcoin
Now, the founder of the darknet Silk Road which was formerly selling illegal drugs and goods says the very same thing – that BTC will hit $100k.
Ross Ulbricht is currently serving a double life sentence plus 40 years without the possibility of parole for running the online marketplace where users transacted in BTC.
In a new blog post on Medium, he said that he’s getting Bitcoin charts sent to him in jail, and this happens on a weekly basis.
He’s tracking the crypto trajectory using Elliott Wave Theory – this is a market analysis method that has the main goal of predicting future price action by identifying crowd psychology, which manifests in waves.
BTC to hit $100k in 2020
He said that his analysis of the first cycle, which is broken up into five waves, shows that BTC will reach $100k in 2020.
“If the price move of wave ⑤ were on par with ① and ③ (530–620x), it would have to end around $93,000-$109,000,” he pointed out.
Ulbricht continued and explained, as cited by the online publication the Daily Hodl that “Thus, if our interpretation that wave ⑤ is not over, and the ~$20,000 peak was just wave (3) of ⑤, then a good target for the end of wave ⑤ of ⑤ of I is around $100,000.”
A petition for releasing Ulbricht circulates online
The man is considered a pioneer in the crypto industry, and more than 250k people have signed a petition for his clemency.
Even Tim Draper had a few words to say on the matter as reported by the online publication mentioned above:
“I get that he’s got to be an example, and he stepped over the line. But he’s been in jail for a while. Get him out. I cry when my cat goes into a cage, it tears my heart out when these prisoners go into cages.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.