Ross Ulbricht makes a Bitcoin Prediction

Ross Ulbricht is a Bitcoin Pioneer who was convicted as the mastermind behind the original silk road and sentence to over 2 life sentences. This has not come without controversy as many people believe he should have gotten a lighter sentence for the many faults in the judicial system that presented Ross with a possible misrepresentation. Two federal agents were found to have stolen millions of dollars’ worth of Bitcoin during the case and framing Ross in a “murder for hire” plot that could have played a role in his lengthy sentence. Ross has stayed relevant in the Bitcoin community by offering submitting tweets to his mother who runs his twitter account, and by creating a positive atmosphere in prison running different educational courses.

Ross has continued to be an advocate for Bitcoin in a latest tweet in which he outlines his thoughts for Bitcoins future. He uses Elliot’s Theory to mold his prediction, which is an interesting theory because it is extremely hard to see the potential future in its lens. Typically, the theory is used to only see historic bumps and can be extremely deceiving. Elliot Theory uses aspects of psychology and reoccurring events in order to predict the future trends.  This type of technical analysis reading is used by many, but it also criticized by many as its process for designing a speculative estimate is very peculiar. In Ross’s prediction he believes that Bitcoin has a strong possibility of reaching $20,000 again which was the peak of Bitcoin before its crash. However, Elliot’s Theory could also be viewed as a sign that Bitcoin could be moving in the wrong direction and could take a dive.

Bitcoin is famous for making big changes in a short amount of time, and so predicting Bitcoin to make small gradual moves in a direction are typically proved to be wrong. Beating the market can be an extremely hard and daunting task because there are a lot of different factors that play a role in the overall price of bitcoin. The market does a really good job at setting the price for bitcoin and so a small slip in the evaluation of the Bitcoin can be costly. It is no secret that Bitcoin can act in high volume ways as it has taken 80% increases and decreases in a single day multiple times over its history.

Image by U.S. Department of Justice; U.S. State Department from Pixabay