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Kiyosaki Recommends Bitcoin Despite Missing $350K Prediction

Robert Kiyosaki, author of "Rich Dad Poor Dad," encourages investors to buy Bitcoin and precious metals, warning against financial losses despite missing his $350K August prediction.

• Main Points:

  • Kiyosaki's Advice: Buy Bitcoin, gold, and silver to mitigate financial losses.

  • Institutional Interest: Institutions are buying Bitcoin despite its recent drop.

  • Missed Predictions: Kiyosaki's $350K August and $100K June Bitcoin predictions fall short.

• Detailed Insights:

  • Kiyosaki's Advice: On Wednesday, Robert Kiyosaki advised investors to purchase Bitcoin and precious metals to turn "a bad hand into a great hand." He cautioned that many would face financial losses and urged followers not to be among them.

  • Institutional Interest: Kiyosaki pointed out that institutional investors are buying Bitcoin despite its recent sharp decline, highlighting net positive inflows into spot exchange-traded funds.

  • Missed Predictions: Kiyosaki, known for bold predictions, had forecasted Bitcoin to reach $350,000 by August and $100,000 by June 2024. Both predictions seem unrealistic given Bitcoin's current price levels.

Related: 'Rich Dad Poor Dad' Author Warns of Market Crash, Sees Bitcoin Surge

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Bitcoin Whales Buy Big as Price Hits 4-Month Low

Bitcoin's recent price dip to a four-month low triggers significant losses for investors, while whales increase their holdings, indicating potential demand.

• Main Points:

  • Price Drop: Bitcoin hits around $53,000, causing nearly $1 billion in realized losses in July.

  • Whale Activity: Whales are buying Bitcoin at the fastest monthly rate since April 2023.

  • Market Signals: Mixed signals with key metrics indicating uncertainty and potential market corrections.

  • Stablecoin Liquidity: Limited growth in stablecoin market caps may delay Bitcoin's price recovery.

  • Miner Influence: Continued selling by mid and large-sized miners adds to market capitulation.

• Detailed Insights:

  • Price Drop: Bitcoin's decline to approximately $53,000 has led to substantial losses for new and large investors, with nearly $1 billion realized in July alone. Traders are facing their most negative unrealized profit margins since the FTX collapse in November 2022.

  • Whale Activity: Despite the downturn, whales are increasing their Bitcoin holdings at the fastest rate since April 2023, indicating a potential rise in demand.

  • Market Signals: The Profit & Loss (P&L) Index is around its 365-day moving average, historically signaling major market corrections or bear markets when it crosses below.

  • Stablecoin Liquidity: Stablecoin market cap growth is minimal, with USDC increasing by 5.6% while USDT remains stagnant. This could dampen or delay Bitcoin's price recovery.

  • Miner Influence: Mid and large-sized miners continue to sell their holdings, contributing to market capitulation. Large miners have sold $300 million worth of Bitcoin since June 20, while mid-sized miners have unloaded around $500 million on a cost basis.

Related: Dormant Bitcoin Wallet Moves $56.5M After 10 Years

Bitcoin Steadies at $58K, Altcoins Start Recovery

Bitcoin price steadies around $58,000, signaling potential uptrends for altcoins like PEPE, LUNC, and CHZ.

• Main Points:

  • Bitcoin Stability: Bitcoin hovers around $58,000, stabilizing the market.

  • PEPE Coin: Needs to surpass $0.0000105 for a bullish trend.

  • LUNC Coin: Aims to hold $0.0000661 support for upward attempts.

  • CHZ Coin: Targets $0.072 amidst market fluctuations.

• Detailed Insights:

  • Bitcoin Stability: Bitcoin’s price has stabilized near $58,000, and it reached $59,470 in the last 24 hours, providing a foundation for altcoin recovery.

  • PEPE Coin: PEPE Coin rebounded after hitting the $0.00000767 support level and now sits above $0.00000888. To initiate a bullish reversal, PEPE must break through the $0.0000105 resistance. If successful, it could target $0.0000133. In a bearish scenario, losing current supports could see a dip to $0.00000473.

  • LUNC Coin: After significant declines, LUNC is holding the $0.0000661 support. Maintaining this level could lead to upward attempts toward $0.0000800. However, long-term interest remains weak amid increasing competition.

  • CHZ Coin: CHZ Coin, representing the largest fan token ecosystem, has seen a prolonged decline. It dipped to $0.059 but is now trying to reclaim $0.072. If successful, further attempts at $0.0853 and eventually $0.106 could be expected.

Related: What’s Behind Today's Market Drop?

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results