Bitcoin Slides Down to $28k Despite Robert Kiyosaki's BTC Prediction
Rich Dad, Poor Dad author Robert Kiyosaki has given his predictions for gold, silver, and bitcoin prices if the global economy fails.
Robert Kiyosaki, the acclaimed author of "Rich Dad Poor Dad," recently published his forecasts for the future pricing of bitcoin, gold, and silver in a tweet. In the midst of impending economic issues, Kiyosaki, a strong proponent of alternative investing, highlighted his predictions for the crypto and precious metals markets.
Kiyosaki's prediction reflects his opinion that bitcoin's price would rise from its current levels, reaching $100,000 in the near term and potentially rising to an incredible $1 million if the world economy crashes.
In the event of an economic slowdown, his estimates for traditional safe-haven assets are equally bold, with gold expected to soar to $75,000 and silver potentially trading at $60,000 in the event of a slump.
GOLD, Silver and Bitcoin Could be the Best Investment Options According to Kiyosaki
The author's confidence in these predictions stems from his assertion that gold and silver are "God's money," offering stability during uncertain times, while he views bitcoin as people's money, positioned to thrive in a digital world.
Kiyosaki's scepticism toward the U.S. dollar, which he labels as "fake" money, drives his recommendation for individuals to explore alternative assets to protect their wealth.
Kiyosaki's track record of accurate financial predictions, including his warnings about impending economic challenges, lends weight to his forecasts. His recent projections align with previous predictions that Bitcoin could reach $500,000 by 2025, while gold and silver prices experience substantial gains.
Kiyosaki's voice adds to the growing chorus of experts advocating for diversified portfolios and alternative investments as the global economy faces uncertainties.
Bitcoin Prices Face Resistance Amid Summer Slump
As the summer slump in trading activity continues, the prices of leading cryptocurrencies are facing resistance. Bitcoin, the largest cryptocurrency by market capitalization, experienced a dip below the $29,000 level, hitting a low of $28,930. Ethereum (ETH) also faced a similar fate, trading around $1,820 and losing 0.8% over the past 24 hours.
Market sentiment has been cautious as traders grapple with ongoing market fluctuations. Vetle Lunde, a senior analyst at digital asset firm K33 Research, noted that Bitcoin is struggling to establish clear directional momentum, leading to its persistent connection to the $29,000 mark.
While the current sentiment reflects challenges, a bullish prediction from Tom Lee of Fundstrat Global Advisors has added an element of optimism. Lee's appearance on CNBC emphasized his belief that the approval of a spot bitcoin exchange-traded fund (ETF) could trigger a substantial price surge, potentially pushing bitcoin's value to over $150,000, even up to $180,000.
This comes at a time when the U.S. Securities and Exchange Commission (SEC) is actively reviewing multiple spot BTC ETF applications. The regulatory landscape plays a significant role in shaping the crypto market's trajectory, with the potential for ETF approval to contribute to a notable market shift.
In the midst of market fluctuations and regulatory considerations, the crypto community is closely watching price movements and regulatory developments, seeking insight into potential future trends.
Bitcoin Price Analysis
Data from CoinStats shows that Bitcoin (BTC) is currently trading at $28,639.63, with a 24-hour trading volume of $11,143,378,078.86. This indicates a -1.59% drop in the last 24 hours and a -3.04% drop in the previous 7 days. Bitcoin has a market valuation of $557,321,432,954 and a circulating supply of 19 million BTC.
Source: CoinStats
On Aug. 14, Bitcoin surpassed the 20-day exponential moving average EMA of $29,383, but the candlestick's lengthy wick indicates selling at higher levels.
The BTC/USDT pair is still trading below the 20-day EMA, and the relative strength index (RSI) is negative. This shows that the bears have a little advantage. The pair might fall to the critical support level of $28,585.
If the price rebounds strongly from this level and rises above the 20-day EMA, it will indicate that the pair will continue to swing between $28,585 and $30,350 for some time.
If the price falls and remains below $28,585, the bears will win. This might trigger a drop towards $26,000.
Source: TradingView
Conclusion
The financial landscape is marked by a juxtaposition of expert predictions and ongoing market volatility. Robert Kiyosaki's projections for bitcoin, gold, and silver prices, rooted in his assessment of economic instability, echo the sentiments of those advocating for diversified investments as a safeguard against uncertainties.
As bitcoin and Ethereum prices encounter resistance in the current market environment, Tom Lee's bullish outlook for a potential spot BTC ETF approval underscores the regulatory factor that can shape market dynamics.
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