Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic?
FXOpen
Renowned author of the “Rich Dad Poor Dad” series, Robert Kiyosaki, tweeted on 5 June predicting that the price of Bitcoin will rise to $350,000 per coin by 25 August 2024.
His reasoning includes the perceived incompetence of President Biden, Treasury Secretary Yellen, and Federal Reserve Chairman Powell. Consequently, Kiyosaki believes it makes sense to buy gold and cryptocurrencies like Bitcoin, Ethereum, and Solana.
How realistic are the prospects for Bitcoin’s price to increase by nearly 400% from current levels?
Firstly, Robert's predictions have a high margin of error, as noted in the comments on the mentioned tweet. For instance, when analysing the drivers of silver price growth in July last year, we noted Kiyosaki's claim that BRICS countries would announce their own currency by August 2023, leading to a rise in the prices of precious metals and cryptocurrencies. However, nearly a year has passed, and no BRICS currency has materialised.
Analysing Bitcoin’s price on 16 May 2024, we constructed an expanding fan, highlighting the importance of its median line.
Technical analysis of the BTC/USD chart today shows that:
→ Bitcoin’s price is moving along the median;
→ The price returned to the median after an attempt to rise on 21 May and an attempt to fall on 31 May (indicated by arrows);
→ If movement along the median (reflecting the consolidated opinion of a large number of market participants) continues, Bitcoin’s price will be $95k by the end of August 2024, which is more realistic than Robert's prediction of $350k.
It is also worth noting that a significant obstacle for Bitcoin’s price along the median will be the resistance from the previous all-time high, set around $73,500 in March 2024. A potential breakout of this high might lead to failure and subsequent decline, similar to autumn 2021—when the price tried to hold above the April 2021 high for a month, but this marked the beginning of a dramatic drop to $16k by autumn 2022.
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*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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