According to an estimate based on the technical analysis and previous trend of the Bitcoin by Ross Ulbricht, the bitcoin price could plunge to $1K. Ulbricht is an ardent supporter of cryptocurrency and founder of Silk Road, a famous dark web marketplace.
Based on his technical analysis and trend of Elliott Wave theory, the BTC is currently going through its first cycle of a bear market. Although the first cycle is about to end, the price is expected to go further down in the second wave. A prediction based on the last two bear markets that resulted in around 80 percent of down subsequently, Ross believes that a similar price fall will be seen in the next bear market, and it will take the price of bitcoin to the record low of $1K.
— Ross Ulbricht (@RealRossU) April 11, 2020
It is difficult to forecast how long the third bear market will last, but as per the historical data, Ross estimates that June could be the last phase of this third and last bear market. On the positive side, the trend could also possibly changed, however in order to end this bear market, the bitcoin price has to bound back to $14,000, and that is very unlikely, Ulbricht stated.
After diving down to the record low, bitcoin has recently crossed $7,000. It is important to note that due to the ongoing crisis induced by the outbreak of coronavirus, the entire financial market is down. However, bitcoin has shown an improvement in its price, and while the prices of major stocks are rolling down, we have noticed positive movement in bitcoin price. The technical analysis has been proven true in many historical scenarios, and if the price drops to $1K, it would be a golden buying opportunity for those who missed the bitcoin rally.
John is working as a professional news editor at GetIgnite. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.