Bitcoin bottom at $17,000- The Cryptonomist

The famous author of the bestseller Rich Dad Poor Dad, Robert Kiyosaki, claims that the bottom for the price of Bitcoin at this stage could be $17,000. 

Kiyosaki’s predictions on Bitcoin’s possible bottom

Kiyosaki is no stranger to this type of prediction. For example, at the beginning of June last year, when the price of Bitcoin was around $37,000, he hypothesized a further descent to $27,000. The price of Bitcoin then in late July fell to just under $29,000. 

By contrast, in early March of this year, when the price of Bitcoin was at around $38,000, he said that he was investing in Bitcoin to protect himself against inflation. April then saw the highest peak of inflation in the US in decades. 

Yesterday, however, he said he expects the price of Bitcoin to fall to $20,000, with the low possibly being at $17,000. 

He then added: 

“Once I know bottom is in I back up the truck. Crashes are best times to get rich”.

BITCOIN CRASHING. Great news. As stated in previous Tweets I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are best times to get rich. Take care.

— therealkiyosaki (@theRealKiyosaki) May 12, 2022

The previous day he had declared that Bitcoin will win because America is led by three buffoons: President Biden, Treasury Secretary Yellen, and Fed Chairman Powell.

In mid-April, on the other hand, he had suggested buying Bitcoin, when the price was around $40,000, saying that a big bubble was about to burst, and that Wall Street and the Fed were thieves. 

WIley COYOTE moment coming. Biggest Bubble Bust coming. Baby Boomer’s retirements to be stolen. $10 trillion in fake money spending ending. Government, Wall Street & Fed are thieves. Hyper-inflation Depression here. Buy gold, silver, Bitcoin before the coyote wakes up. Take care

— therealkiyosaki (@theRealKiyosaki) April 16, 2022

Inflation and bearish phase in the US stock market 

It is worth noting that, for example, the Nasdaq has been falling almost continuously since early January, and in total has lost 28% since then, falling back to November values two years ago. 

Taking as a reference the bottom touched during the March 2020 financial market crisis, caused by the start of the pandemic, the Nasdaq first rose 140% to the highs of November last year, and then started to fall. 

It is worth noting that it was precisely in March 2020 that annual inflation reached a low of almost 0%, rose to 5.4% in September 2021 and then spiked to 8.5% in March 2022 from 6.2% in October 2021. 

Given that Bitcoin’s price trend has been following that of the Nasdaq in recent months, it is not at all surprising that after peaking in November at almost $70,000, it then fell to below $30,000 in recent days. This is a bigger loss than the Nasdaq, but from the lows of March 2020 to the highs of November 2021 it had made a +1.100%. 

Other analysts, in addition to Kiyosaki, also argue that Bitcoin’s decline may not have stopped, and that it may even return to around $20,000. However, it is worth mentioning that much seems to depend on the performance of financial markets in general, rather than on problems relating specifically to Bitcoin or the crypto markets. 

It is enough to think that the total implosion of LUNA (Terra), one of the world’s top ten cryptocurrencies until last week, did not cause Bitcoin’s price to fall heavily below $30,000.