Image default
Bitcoin

Bestselling Finance Author Says Bitcoin Will Reach $500,000, But What Will Drive It?


‘Rich Dad Poor Dad’ author Robert Kiyosaki has not been shy to let the world know about his support of bitcoin and the finance writer has come out again to reiterate this support. This time around, Kiyosaki paints an incredibly bullish narrative for the digital asset over the next few years.

Bitcoin Will Touch $500,000 In Two Years

In a recent tweet, Kiyosaki told his over 2.3 million followers on Twitter that he expects the price of Bitcoin to reach $500,000 in the next two years. The author highlights this during a time when the markets remain in an uncertain position due to not knowing what the Federal Reserve will do to curb inflation.

Kiyosaki explained that he expects the price of the digital asset to actually reach $500,000 by 2025 because the Fed will actually keep printing more money. He has previously said that the declining faith in the U.S. dollar would be the trigger for this rally and he reiterated this once more. 

According to the writer, while bitcoin will hit $500,000, other asset classes such as gold and silver will hit $5,000 and $500, respectively, in the same year. He refers to bitcoin as the ‘people’s dollar’ at a time when he expects a giant crash and even a depression.

How Is BTC Doing In The Short Term?

Kiyosaki’s predictions range over the long term but for now, Bitcoin is still struggling to hold its value. The digital asset has already lost its footing above $23,000 last week and is entering the new week in the red, and it doesn’t look like it gets better.

In the early hours of Monday, the digital asset completed its first weekly death cross which analysts such as Benjamin Cowen have posted about. This indicator is one which is usually bearish, so the death cross has sparked some level of fear in the market. 

BTC sees first weekly death cross | Source: Twitter

With the death cross confirmed, BTC is already seeing a downside, falling to the $21,600 level. Further decline is expected from this point, but this remains to be seen given that investor sentiment is still at a good neutral point.

For now, all eyes are on the CPI data report that is expected to be released on Tuesday. If it comes out as good as January’s numbers, then it could invalidate the death cross, leading to more upside for the digital asset.

Bitcoin is currently changing hands at a price of $21,627 at the time of this writing. It is down 1.28% in the last 24 hours and seeing losses of 5.3% in the last seven days.

Bitcoin price chart from TradingView.com

BTC price struggles at $21,600 as death cross is triggered | Source: BTCUSD on TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Blockchain Magazine, chart from TradingView.com





Source link

Related posts

Decoding what’s behind Bitcoin’s [BTC] volatility as price touches $25k

Melodie Denning

Analysts Weigh In on BRICS Currency as Tool to Face US Dollar-Based Sanctions – Economics Bitcoin News

Melodie Denning

Here’s Why The Tether FUD Could Be Good For Bitcoin

Melodie Denning

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy