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The Bitcoin price could hit $100,000 as soon as in 2020 based on Elliot Wave Theory, according to Silk Road founder Ross Ulbricht.

"Thus, we have a price and target for the end of wave I of ~$100,000 some time in or near 2020."

Ulbricht claims that he has several Bitcoin charts sent him to a prison cell on a daily basis. It takes about a week to put his letters online, which makes them slightly out of date. However, he states that it doesn't matter since he only focuses on the coin's long-term price action.

"The charts we will be looking at show the price of a bitcoin in US dollars over time."