Dark Web Silk Road founder Ross Ulbricht pointed out in the article that there has been a "strong signal" that bitcoin prices have fallen. According to its latest price analysis based on Elliott Wave Theory, Bitcoin may fall as low as $ 1200. Ulbricht said that BTC is currently in the final stage of its first cycle of bear market. The second wave consists of three primary waves, of which the C wave is the largest. It is unclear how low the second wave will fall, but Ulbricht pointed out that the first two bear markets caused 86% and 94% declines, which means that the bulls will suffer more. Therefore, he pointed out that a similar price plunge may cause Bitcoin to fall all the way to $ 1,200. Ulbricht said it is difficult to estimate the duration of the bear market, but based on historical data, it may end in June this year. "It is difficult and inaccurate to estimate the range and duration of the second wave. Because the starting price of the first wave is $ 0, there is no limit to how low it can fall (except for $ 0)."