Why Bitcoin’s 50% crash at $ 3K will not matter according to Ulbricht

One of the best known and most respected names in the Bitcoin space is the American programmer Ross Ulbricht. Ulbricht (online pseudonym “Dread Pirate Roberts”) founded Silk Road – the notorious dark web marketplace that was responsible for much of the early spread of Bitcoin.When Ulbricht revealed a few weeks ago that he was bearish from a technical analysis perspective on Bitcoin, many were surprised.

 

Emotional nature of investors

He relies on Elliot Wave, a form of technical analysis, according to which the markets have predictable phases due to the emotional nature of the investors.However, the contribution did not meet with a great deal of love. For example, WhalePanda, pseudonymized Bitcoin trader and industry personality, shared the gift of the “spongebob” character Squidward to “kick his brain out” and added, “This is how I felt when I read this post.”Now Ulbricht reports again, this time confirming that he is extremely bullish in the long term, that the leading cryptocurrency is skyrocketing.

 

The sky remains the limit for Bitcoin: Ulbricht

In a clarification of his previous analysis published on April 23, Ulbricht makes it clear that he is anything but pessimistic about Bitcoin’s long-term outlook.Ulbrich writes: Bitcoin’s third macro wave, which would follow the ongoing correction (the second wave), “could be even more impressive than” the first wave. The first wave, of course, is what brought the crypto currency from cents to thousands of dollars each.