Though the market is ultra bullish on Bitcoin’s price and many expect a Santa rally in December as post-elections Bitcoin tends to rise 30-40%. But there are possibilities of a short-term dip as well. Robert Kiyosaki, the author of the bestselling book Rich Dad Poor Dad, has recently predicted a Bitcoin’s price could “crash” to as low as $60,000.
This forecast follows Bitcoin’s dramatic rise, which recently brought the cryptocurrency to a near-all-time high of $99,800. However, Kiyosaki’s warning isn’t as critical as it sounds. While he acknowledges the potential for a short-term drop, he remains bullish on Bitcoin’s long-term value.
Long-Term Bullish Outlook
Kiyosaki has repeatedly expressed his belief that Bitcoin, despite its volatility, is a vital hedge against economic uncertainty. He has warned that the global financial system is on shaky ground due to rising debt levels and potential currency devaluation, particularly the U.S. dollar.
For Kiyosaki, Bitcoin represents a safe haven, much like gold and silver, especially as governments continue to print money. He has even made bold predictions, such as Bitcoin reaching $10 million per coin in the future due to these economic challenges.
Despite his concern over a potential price drop to $60,000, Kiyosaki remains committed to Bitcoin as part of his portfolio. He sees any dip as an opportunity to buy more Bitcoin, showcasing his belief in Bitcoin’s long-term potential.
“If and when that happens I will not sell. BTC will be having a sale. I will buy more,” he stated.
Technically How low Bitcoin Can Go?
With short-term correction looming on the horizon Bitcoin at present can drop towards the $60000 to $62000 range. Currently, Bitcoin is facing resistance at about $99,100, a key level that’s preventing it from going higher. On top of that, Bitcoin’s RSI (a tool that measures how much the price has moved) is over 74, which suggests that Bitcoin might be overbought. In the past, whenever the RSI reached similar levels, Bitcoin’s price usually dropped after a strong rally.
When Bitcoin corrects, it often finds support at its 50-week moving average (EMA), which is a kind of average price over the last year. In previous rallies, like in 2021, Bitcoin hit highs and then pulled back to the 50-week EMA before continuing. This pattern suggests that Bitcoin might drop to the $62,000 mark, where it could find support and potentially stabilize before moving higher again.
Other Analysts Share Optimism
While price correction is prominent and considered normal, other analysts are more optimistic about Bitcoin’s future. Mike Novogratz, CEO of Galaxy Digital, does not foresee Bitcoin dropping below $80,000. He believes Bitcoin is in a strong position and will continue to climb in the coming months. Some analysts even predict Bitcoin could hit $150,000, with increasing institutional interest and liquidity driving the market forward.
Raoul Pal, CEO of Global Macro Investor, also shares a bullish outlook. He has suggested that Bitcoin could surge past $110,000 by January 2025, fueled by global liquidity injections from central banks.
