Bitcoin price will jump up to $100,000 in 2020, according to Ross Ulbricht, the founder of darknet marketplace Silk Road.
Ulbricht posted the prediction based on Elliott Wave Theory in a series of blog posts on Dec. 10.
To forecast the highs and lows in financial market cycles, Ulbricht identified extremes in investor psychology. In terms of Bitcoin, investors’ emotions purportedly play a more significant role as opposed to traditional markets.
According to Andy Cheung, head of operations at cryptocurrency exchange OKEx, Bitcoin price would exceed $14,000 in 2020.
Ross Ulbricht was arrested in 2015 on charges of money laundering, conspiracy, drug and hacking-related charges. He was sentenced to double life sentences without parole, plus another 40 years. His family opened a Twitter account for him in June, and they’ve been posting his tweets ever since.