- The leading cryptocurrency sunk a six-month low in recent days but it has been able to recover above the $7k.
- Ross Ulbricht believes that the life-changing returns are on their way back, slowly but surely.
- Ulbricht predicted that bitcoin is now in its final primary wave of the first cycle uptrend.
The leading cryptocurrency sunk a six-month low in recent days but it has been able to recover above the $7k. There’s been plenty of comments made on the space due to the fall, mostly aimed at the negatives of crypto. Peter Schiff is one of those commentators who is a well-known hater and naysayer of bitcoin and the crypto space in general. Schiff is already sending his sympathy to all millennial hodlers of the nascent asset class following the drop this week.
The good news is that all the Millennial Bitcoin hodlers who are about to get wiped out in #Bitcoin are still young enough to make their money back. They will also have a lifetime to benefit from the wisdom that comes from losing money and leaning from your mistakes.— Peter Schiff (@PeterSchiff) 17 December 2019
Despite the call from Schiff, the reality isn’t all that bad. In fact, if you look at what Ross Ulbricht recently posted on Medium, he believes that the life-changing returns are on their way back, slowly but surely.
The founder of the notorious Silk Road marketplace is serving a double life sentence in the US for creating the dark web tool.
Writing in a Medium post, Ulbricht explained why he thinks bitcoin is very close to a major breakout.
Ulbricht predicted that bitcoin is now in its final primary wave of the first cycle uptrend. Wave 5 has a lot of potential to see great things but there’s also a chance that alternative consequences are on the table too.
In the post, he added:
“We have a price and target for the end of wave I of ~$100,000 some time in or near 2020. However, there is no rule that market moves have to be proportional. This is just a pattern we see unfolding that may or may not continue. I should also note that these estimates are based on readings of the price of a bitcoin in the distant past. The best I can find are not very precise. If you have more precise numbers, please them in the comments with your source.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!