Robert Kiyosaki, the author of the bestselling book 'Rich Dad Poor Dad', has shared his thoughts on the potential drop in Bitcoin price to $90,000, referencing the so-called 'August Curse'. Despite this pessimistic prediction, Kiyosaki remains optimistic about the long-term growth of Bitcoin.
August Challenges and Kiyosaki's Forecast
In a recent post on X, Robert Kiyosaki discusses the potential for Bitcoin to crash to $90,000, citing the 'August Curse'. He noted that even if Bitcoin were to fall to this figure, he plans to double his position in the cryptocurrency. Kiyosaki points out that August has historically been a tough month for Bitcoin, with an average return of only 1.5% over the past 12 years and eight instances of the month closing in losses. He emphasizes that the real issues lie with the country's massive debt and the incompetency of the Federal Reserve.
Bitcoin Price Recovery and Market Dynamics
Currently, Bitcoin is trading near $104,400, having recorded marginal gains, while trading volume has dropped 14% to $50 billion. Despite the slight recovery, Bitcoin has lost nearly 4% over the past week. A recent CoinShares report shows an outflow of $404 million from Bitcoin last week, while alternative cryptocurrencies like ETH and XRP saw inflows.
Future Prospects for Bitcoin
Analysts, including Michael van de Poppe, have expressed optimism about Bitcoin's future trajectory, suggesting that if it holds above the resistance level of $114,755, it could target $116,813 and potentially reach a new all-time high. However, given the asset's historical performance in August and current macroeconomic conditions, investors are encouraged to remain cautious in their decision-making.
In conclusion, Robert Kiyosaki's prediction of a potential Bitcoin drop to $90,000 has generated mixed reactions among experts. While there are risks associated with August volatility, possible recovery trends present opportunities for major investors.
