Kiyosaki Predicts Bitcoin to Reach $350k by August 2024: Is It Realistic?
Robert Kiyosaki, the well-known author of the “Rich Dad Poor Dad” series, recently made waves with his bold prediction on June 5th, stating that Bitcoin will hit $350,000 per coin by August 25, 2024. Kiyosaki attributes this expected surge to the perceived inefficacy of President Biden, Treasury Secretary Yellen, and Federal Reserve Chairman Powell. As a result, he suggests investing in gold and cryptocurrencies like Bitcoin, Ethereum, and Solana.
Assessing the Realism of the Prediction
The question arises: how realistic is it for Bitcoin’s price to soar by nearly 400% from its current levels?
Firstly, it’s important to note that Kiyosaki’s predictions have often faced skepticism. For example, in July of last year, Kiyosaki predicted that BRICS countries would announce their own currency by August 2023, leading to a rise in precious metals and cryptocurrencies. However, nearly a year later, no such BRICS currency has emerged.
Technical Analysis of Bitcoin’s Price
On May 16, 2024, CoinFactiva performed an analysis on Bitcoin’s price, creating an expanding fan chart and highlighting the importance of its median line. The current technical analysis of the BTC/USD chart reveals: The price returned to the median after attempts to rise on May 21 and fall on May 31. If Bitcoin continues to move along the median, reflecting the consensus of many market participants, its price is projected to reach $95,000 by the end of August 2024. This projection is far more realistic than Kiyosaki’s prediction of $350,000.
Potential Obstacles and Resistance
A significant challenge for Bitcoin’s price along the median will be breaking through the previous all-time high of approximately $73,500, set in March 2024. Overcoming this resistance could prove difficult. If Bitcoin fails to break this high, it could lead to a decline similar to the one seen in autumn 2021. Back then, Bitcoin attempted to hold above the April 2021 high for a month, only to experience a dramatic drop to $16,000 by autumn 2022.
Conclusion
While Kiyosaki’s prediction of Bitcoin reaching $350,000 by August 2024 is bold, technical analysis and historical trends suggest a more conservative and realistic target of $95,000. Investors should remain cautious and consider various factors before making investment decisions based on such predictions.
