According to Ross Ulbricht, best-known for creating & 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 loss ahead, taking the price significantly lower.

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.

“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 likelihood 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.

Bitcoin in the short term…

The price of bitcoin has dropped below the $7,000 mark, down five percent in the last 24 hours. The current price of Bitcoin is $6,900.

After its market crashes on March 12 and 13, bitcoin price had been steadily building back up. But after breaking through the $7,000 mark for a sustained period of three days, it has fallen back below.

Bitcoin may now make a pull back towards the 0.786 Fibonacci retracement level before recovering the recent High (that was rejected by the 1D MA50).

Fed shouldn’t be bailing out billionaires and hedge funds…

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