Ross Ulbricht, even from prison, remains a true Bitcoin (BTC) believer. He predicts much higher valuations in the future, based on the model of the Elliott Wave.
Elliott Wave Won’t Chart Clear Future Price for Bitcoin
Ulbricht’s Elliott Wave theory post ties up stock market movements with observations on human psychology. Levels of interest and enthusiasm tend to be cyclical, resulting in stock market cycles. Since bitcoin prices are susceptible to hype and renewed interest, Ulbricht applies the theory to the potential future price of BTC.
Ulbricht, who is still imprisoned for running the Silk Road website, believes bitcoin is on an overall upward trend. Enthusiasm and periods of growth are also self-amplifying and may repeat in the future.
However, the Elliott Wave theory is tricky in that there is no way to outline the next wave ahead of time. Waves are only discernible in hindsight. Ulbricht sees the current price moves as belonging to wave 5, which may be over, or it may be just developing based on a new set of attitudes and…