Silk Road Founder’s Bearish Prediction on Bitcoin: The Primary Cryptocurrency Could Go To As Low As $1,200

Silk Road Founder's Bearish Prediction on Bitcoin: The Primary Cryptocurrency Could Go To As Low As $1,200

According to Ross Ulbricht, best-known for creating and operating the darknet market website Silk Road, Bitcoin’s price is headed downward. Using the Elliot Wave Theory for his analysis, Ulbricht believes that there might be more pain ahead, taking the price significantly lower.

In a detailed blog post, Ross Ulbricht, the founder of the infamous Silk Road dark market, pointed out that Bitcoin’s price may be headed lower.

According to the popular Elliot Wave Theory, the price for the primary cryptocurrency could decrease to as low as $1,200. However, it’s worth pointing out that this is the bottom range of his analysis, as the movement of the current “Wave II” could take the price to anywhere between $2,800 and $1,200.

Supposedly, the current wave marks a correction which “often ends in the price range of the previous fourth wave of one less degree.” This wave is the one from back in 2014 and the two previous bear markets reduced the prices by 86% and 94%.

“An equivalent reduction by wave II would take prices to $2,800 or $1,200. Wave A of II reduced prices by 84%. An equivalent reduction by wave C of II would take prices to $2,200.” – Ulbricht explains.

However, Ulbricht also says that it’s hard to estimate the duration of the wave and that it’s rather imprecise. He explains that there are two probable scenarios, the first of which ends around June or July of this year, while the second one “could drag on into 2021.”

Ulbricht says that a break below the major low of $3,200, which is where Bitcoin traded back in December 2018, would be a solid confirmation of the pattern. This is when he “will be trying to determine when the final low is in.”

To invalidate this theory, Bitcoin’s price would have to increase towards $14,000 which is the high of 2019. Yet, he says that “at this point that seems like a very unlikely scenario.”

It’s also worth noting that the theory Ulbricht is using is so far playing out. During December, he said:

“A drop below the beginning of wave 2 (around $4,200) would invalidate the impulsive count of wave (5) because wave 4 cannot overlap wave 2… This would indicate a much greater likelyhood that our second scenario is playing out.”

Bitcoin’s price has indeed dropped below $4,200 on March 12th-13th when it touched $3,600.

Featured image courtesy of Vanity Fair

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UPTECH SHARES News | A0SLML messages

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Source: www.finanznachrichten.de


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Disclaimer: The content covered in this video/live stream is NOT to be considered as investment advice. I’m NOT a financial adviser. These are only my own personal opinions, ideas, speculative theories/hypotheses, charts, technical analysis (TA), insights, curated news publications and price prediction(s) for 2020 and beyond. The technical analysis in this video/live stream is completely speculative and does NOT guarantee any specific result or profit. The technical analysis in this video/live stream has NO proven rate of accuracy and past performance is NOT indicative of future results. Do NOT trade or invest based upon the analysis presented in this video/live stream. Always do your own research and only invest solely based on your own findings and personal judgement after consulting with a professional/licensed financial adviser. I’ll never tell you what to do with your capital, trades or investments. I’ll also never recommend for you to buy or sell any asset, security commodity, derivative or cryptocurrency related instrument. I’m NOT a broker. I DON’T recommend or endorse the use of any brokerages or trading exchange platforms. Trading and/or investing in cryptocurrency and/or any related commodities/securities/derivatives/instruments is extremely HIGH RISK and you can very easily lose all of your investment capital! You should always consult with a professional/licensed financial adviser before trading or investing in any asset, security, commodity, derivative or cryptocurrency related instrument! I will NOT be held liable for any of your personal trading or investing decisions or any losses/damages that you may incur if you decide to speculate in the market. This video/live stream is purely for entertainment purposes only! —

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Bitcoin Bulls Rejoice; Lawsuits Target Major Exchanges

Bitcoin Bulls Rejoice; Lawsuits Target Major Exchanges

Get Forbes’ top crypto and blockchain stories delivered to your inbox every week for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption.

Getty

Bitcoin kept rallying this week, climbing to a three-week high at more than $7,400 after a 10% rise from Sunday to Tuesday. Its positive momentum lasted for most of the week until dipping back below $7,000 Friday morning. “I haven’t seen this much organic new interest in bitcoin since early 2017 in my non-crypto circles,” well-known investor Ari Paul tweeted to his 140,000 followers. Other major cryptocurrencies also enjoyed significant early-week gains, following bitcoin higher.

Source: Messari. Prices as of 4:00 p.m. on April 10, 2020.

The instability of the global economy leading up to the next bitcoin halving in May could result in a “perfect storm” for bitcoin, Blockware Solutions CEO Matt D’Souza said in a recent podcast appearance. He says the halving could eliminate inefficient miners from the market, allocating more rewards to low-cost miners who don’t have to sell as much bitcoin to pay for electricity.

And former hedge-fund billionaire Michael Novogratz offered a bet on Twitter to anyone who would take him up on it that bitcoin will perform better than gold, treasuries and the U.S. dollar for the next three months.

Binance is among 11 crypto exchanges and digital token issuers in hot water in the Southern District of New York, as class action lawsuits were filed last week alleging that the crypto institutions offered and sold billions of dollars of unregistered digital tokens and other financial instruments to investors in violation of federal and state securities laws. “Binance, for example, allegedly received large cash payments from issuers seeking to list tokens. These fees often exceeded $1 million per listing,” attorney Kyle Roche said in a press release about the cases.

Telegram also suffered a blow in a ruling from the same district court in favor of the SEC. The court found that the company’s Grams tokens that were sold to purchasers for $1.7 billion last year could be regulated as securities. Telegram appealed the court’s decision to the Second Circuit.

2020 will be remembered as a turning point for technological creativity, with the globe reexamining old ways of tracking and presenting information. Blockchain is not a cure-all—its ability to make data immutable isn’t helpful if the underlying data is unreliable, like it was in China as the pandemic spread.

But blockchain can still help. It can manage digital identities for countries producing track-and-trace applications to prevent the virus from spreading, and it can also help distribute cash efficiently to restart the economy. With a great challenge for the world comes an opportunity for blockchain to be part of the solution.

Source: www.forbes.com

Author: Crypto Confidential


This Top Crypto’s Grim Pattern Shows a Massive Decline May Be Imminent

This Top Crypto’s Grim Pattern Shows a Massive Decline May Be Imminent

Chainlink’s immense bullishness seen throughout 2019 spilled into 2020, with the market-wide uptrend in January and February sending the crypto to fresh all-time highs. Even in the face of intense bearishness over the past few weeks, LINK has been able to incur some parabolic momentum.

This momentum, however, may not last too long, as the cryptocurrency is currently flashing some signs of weakness as it forms a pattern strikingly similar to that seen by Ethereum before its decline from its 2020 highs of $290.

If this pattern plays out as it did for ETH, Chainlink could soon see a capitulatory decline that leads it to set fresh year-to-date lows.

At the time of writing, Chainlink is trading up over 4% at its current price of $3.37, which marks a notable climb from daily lows of $3.11 that were set yesterday when bulls attempted to catalyze a sharp downside movement.

The strength seen by Bitcoin throughout the past few days, however, has been enough to bolster smaller cryptos like LINK, with the benchmark cryptocurrency currently approaching strong resistance around $7,000.

Although Bitcoin does tend to offer some guidance to Chainlink, it is important to keep in mind that the crypto trends to incur independent momentum,

In the near-term the crypto’s price action may favor bears, with one popular trader noting that he anticipates the cryptocurrency to decline towards its support at $2.80 due to the strong resistance it is currently facing in the mid-$3.00 region.

“I like this LINK short because both the USD and BTC charts are at resistance. I generally don’t like shorting the most bullish name in the space, but at this point I think it makes sense,” the trader noted while pointing to the below chart.

Crypto Chainlink LINK

Image Courtesy of Calmly

It is important to note that one trader believes LINK is flashing a similar technical pattern to that seen by Ethereum prior to its decline from yearly highs of nearly $300.

Another popular trader spoke about this possibility in a tweet while referencing a side-by-side comparison of the two crypto’s technical patterns, and there does seem to be a striking similarity.

“ETH top vs. LINK potential top. Wyckoff triangular distribution (volume analysis),” he explained.

Image Courtesy of il Capo Of Crypto

The coming days should either validate or invalidate this bearish possibility, but if it does come to fruition, the cryptocurrency could soon see a massive capitulatory decline that leads it to fresh year-to-date lows.

Featured image from Unsplash.

Source: www.newsbtc.com

Author: Cole Petersen


Silk Road Founder's Bearish Prediction on Bitcoin: The Primary Cryptocurrency Could Go To As Low As $1,200

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