According to the founder of Silk Road – Ross Ulbricht, the price of Bitcoin in the short term can reach an even lower price, but there are potential benefits.
Opinion of a famous hacker
In an entry on “Medium” published 3 days ago by Ross, you can see that the bull market (hossa) from 2011 until 2017 was followed by the bear market (bessa), which continues to this day. The founder of Silk Road claims that the fluctuations in the flagship cryptocurrency will fall even lower and bessa will last until June or July, although this can last until the next year.
Bitcoin Price Could Drop to $3200
In December 2019, Ross Ulbricht forecasted that the BTC price would fall below $4,200 and lead to the bear market. This time, according to his claims, the price may fall down up to $3,200.
“A break below the major low of $3,200 will be a solid confirmation of this, at which point we will be trying to determine when the final low is in. This will be a major buying opportunity.”
BitMEX founder Arthur Hayes, known on Twitter as “Crypto Capo”, also forecast that Bitcoin is likely to drop to the $2,100 to $3,000 range, and by the year’s end, Hayes still estimates that Bitcoin will reach $20,000. This aligns with the tendency of the Bitcoin price to surge after the block reward halving takes place.
Building a $BTC swing short betweeen $7k and $8k.
TP1 = $3000
TP2 = $2100
Not financial advice.
— il Capo Of Crypto (@CryptoCapo_) April 6, 2020
Ulbricht remains optimistic, given the long-term future of Bitcoin, noting that after the end of the downward cycle, the rebound will result in much higher prices. Referring to his forecast of lower prices, he states that “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.”