Silk Road founder Ross Ulbricht, whose dark web marketplace was once a hotspot for Bitcoin transactions, published a blog post on April 11, claiming that Bitcoin will see further retracing that could last an extended period before rallying into a bull market.
Ulbricht, who is currently serving a sentence of double life imprisonment plus 40 years without parole, wrote from the United States Penitentiary Tucson, where he is currently incarcerated. Ulbricht began by pointing to a prediction he made in December 2019, where he said that the Bitcoin price would fall, perhaps even lower than $3200.
He also said that the current bear market, which only recently pulled out of the $3000 levels, may only end in June or July 2020, but could possibly drag on until 2021.
Many believe that Bitcoin’s halving, which is expected to occur around May 13, will also influence Bitcoin’s price in the months to follow - and historically, the months after the halving have increased Bitcoin’s price.
But while the overall tone of Ulbricht’s post might be very sober, he does offer investors some hope in his conclusion, saying that this may be an opportune moment to enter the market.
As noted before, the end of wave II will be accompanied by extreme pessimism and possibly antagonism toward Bitcoin on par with the extreme optimism that accompanied the end of wave I. It will take fortitude to buy in such an environment, but the rewards as wave III takes prices to new highs will be well worth it.
The predictions are in line with ones made by BitMEX CEO Arthur Hayes, who said that Bitcoin could "absolutely" touch $3000 again. He offered a quicker return for a bull market, expecting a value of $20,000 by the end of the year.