Bitcoin price could bottom out at $3,200, according to Ross Ulbricht, the founder of darknet marketplace Silk Road.
The recent volatility of the cryptocurrency — in particular the March 12 bloodbath — will most likely lead to a bear market until “June or July 2020,” Ulbricht wrote in his Medium account. However, it could drag on into next year.
The Silk Road founder warns that it will take a lot of “fortitude” from investors to buy BTC at that time, but the “new highs will be well worth it”.
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.