The price of Bitcoin (BTC) will skyrocket upwardly to $100,000 in the coming twelvemonth, according to the founder of infamous darknet marketplace Silk Route.

In a series of weblog posts on Dec. ten, Ross Ulbricht — the founder of now-defunct anonymous marketplace Silk Road — predicted that BTC'south price will reach $100,000 in 2022. The blogs were published based on letters he wrote in prison, using a blazon of market analysis known as Elliott Wave Theory.

Ulbricht claimed the possibility to carry out such an assay even without knowing Bitcoin day-to-day price movements and the full general status of the market. To forecast the highs and lows in fiscal market cycles, Ulbright identified extremes in investor psychology. In terms of Bitcoin, investors' emotions purportedly play a more significant role every bit opposed to traditional markets.

As such, Bitcoin price could be artificially increased by investor expectations combined with mass psychology and through a positive feedback loop of buyer optimism

Manufacture players predict BTC price

Some other industry players have likewise made predictions in regards to Bitcoin cost movements in the upcoming twelvemonth. Sources told Cointelegraph that Andy Cheung, head of operations at cryptocurrency exchange OKEx, sees Bitcoin surging to a higher place $fourteen,000 in 2022. According to Cheung, a Bitcoin ETF list in the United States could be a catalyst for the toll increment.

Robert Beadles, president at blockchain company Monarch, reportedly suggests that Bitcoin'due south halving in May could spike the toll to $xi,000 around this fourth dimension. "I would further venture to say Bitcoin will hit $two 1000000 a coin in the adjacent 5 years and then long as the core dev team doesn't destroy it accidentally from inside," Beadles added.

The mastermind behind the Silk Road

Operating under the pseudonym ''Dread Pirate Roberts," Ulbricht was the mastermind backside the Silk Road, which permit users buy and sell annihilation, regardless of legality. Although the site listed weapons, stolen credit card details as well as legal products, illicit drugs were past far the most common list.

The Silk Road pioneered the use of Tor, the network software used to access the darknet, and Bitcoin escrow to conceal purchaser and seller identities and their activity. Ulbricht was arrested and sentenced to life in prison in 2022, bedevilled of money laundering and aiding in the distribution of drugs, reckoner hacking and fraud, amid other charges.

Before in December, Tim Draper, one of the most successful investors in the world, called for Ulbricht's release.