After falling to $ 1,200, Bitcoin will rise sharply to $ 333,000,000: Silk Road founder reiterates its forecast

Despite his short-term unfavorable views on the price of bitcoins, Ross Ulbricht remains bullish in a long term. In a recent jail post, he reiterated his latest $ 1,200 price prediction, saying it could simply be the beginning of a huge upward move that could lead to $ 333 million for one BTC.

Ross Ulbricht: Bitcoin to $ 333 million

Ross Ulbricht, the imprisoned founder of the notorious market Silk Road on the dark web, argued that the price of the primary cryptocurrency could soon head south. He based his prediction on the popular Elliot Wave Theory. According to him, Bitcoin is currently in the phase of “wave II”, which could reduce it to anywhere between $ 2,800 and 1,200.

Earlier this week, Ulbricht made another detailed contribution to the matter, stating that he wanted to reiterate his previous position. He still believes that his “short-term bearish forecast” will come to life, but in the long run he is quite bullish.

And by referring to “Wave III”, which could be “even more impressive than Wave I”, he made at least a very bold prediction for Bitcoin:

If we consider $ 0.06 as the beginning of wave I and $ 20,000 as the end, then wave I showed prices 333 333 times higher. If Wave II lowers prices to $ 1,000 and Wave III is as big as Wave I, then Wave III will raise prices to $ 333 million.

Ulbricht did not provide a specific time frame for his prediction. However, he believes that “decades from now on, anything under $ 20,000 will look cheap.”

Unlikely predictions?

Although behind bars, Ulbricht seems to be quite active in making bitcoin predictions. Another from December 2019 predicted that in 2020 the price of the most famous digital asset will reach USD 100,000. As BTC is currently trading around $ 7,700, it seems a bit unlikely.

However, the $ 333 million forecast takes impossibility to a whole new level. Given that there will be 21 million bitcoins, this would mean a total capitalization value in the market of approximately $ 7 quadrillion. This is more than ten times the current GDP of all countries.

It’s worth noting that when Bitcoin traded for about $ 0.06, it certainly sounded unlikely that the price would explode to $ 20,000 in just a few years.

In any case, the $ 333 million bitcoin is probably the boldest forecast yet. It erases a famous $ 1 million forecast released by popular advocate of cryptocurrencies John McAfee.

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