The founder of one of the largest marketplace on the Dark Web – Silk Road, Ross Ulbricht, is currently facing a double life sentence in a victimless crime. Ross Ulbricht believes that the bearish phase for the leading cryptocurrency could last for a whole year. He also predicted that bitcoin could go as low as $3,000s in the short term.
“The bear market for BTC could even last until 2021.”
Silk Road founder Ross Ulbricht said that the bitcoin bear market could last until 2021. He asserts that if this was to continue, the price of BTC could drop as low as the $3000 range. He expects the crypto to eventually hit bottom at around $3200 with the bear market lasting until July this year and starting a month earlier in June. While in prison for his crimes, Ross Ulbricht has been offering his analysis on cryptocurrency and thinks that the current market dynamics are not in favor of the flagship cryptocurrency in the short term.
Bitcoin continues to hover around $7,000 mark.
At the time of writing, the price of the leading cryptocurrency is trading just above $7,000 mark, nearly 3% up in the last seven days (Check out BTCUSD Chart on tradingview). The short-term prediction for bitcoin is still quite bearish. The leading cryptocurrency is still coupled with traditional markets, and as the COVID 19 continues to spread, the financial markets all over the world are crashing. Despite governments’ efforts to revive the market by announcing several stimulus packages, the financial markets are still vulnerable. So far, 22 million people in the USA have filed for the unemployment claims since the pandemic has begun.
As reported earlier, Coinbase CEO Brian Armstrong revealed that they witnessed an uptick in $1200 deposits, which is the same amount government is giving to eligible citizens to get through the pandemic.