Writing from the U.s. Penitentiary Tucson, Ross Ulbricht sees Bitcoin (BTC) getting closer to the bears every bit a possibility for 2022.

Posting to his personal Medium account on April 12, the Silk Road founder wrote the contempo volatility of the cryptocurrency — in item the March 12 bloodbath — will most likely lead to a conduct marketplace until "June or July 2022". However, it could drag on into side by side year.

"The bike-degree balderdash market — from Bitcoin's starting time to the ~$20,000 summit of late 2022 — is over. We are now in the last moving ridge… of Bitcoin's first cycle-caste comport market (the largest yet)."

Source: Medium

Bitcoin could bottom out at $3,200… or lower

To back up his statement, Ulbricht referred to a prediction he had made in December, in which he said a BTC price drop under $4,200 would most likely lead to a deport market place. In this scenario, Ulbricht says the cryptocurrency could bottom out at $3,200.

"A break below the major low of $3,200 will be a solid confirmation of this, at which point nosotros volition be trying to determine when the final depression is in. This volition exist a major ownership opportunity. If the price rises higher up the peak near $14,000, nosotros will have to reevaluate our interpretation, but at this signal that seems like a very unlikely scenario."

Even in this bearish outcome, the wave to follow may make the 2022 peaks look like distant foothills. The Silk Route founder warns that it volition take a lot of "fortitude" from inventors to buy BTC at that time, simply the "new highs will exist well worth it".

Ulbricht is currently serving two life sentences without the possibility of parole after beingness found guilty of coin laundering, computer hacking, and conspiracy to traffic narcotics. He nonetheless provides periodic analyses on the Bitcoin market from prison house.