Rich Dad Poor Dad Author Forecasts 47% Bitcoin Price Surge

Celebrity author and entrepreneur Robert Kiyosaki has joined the chorus of Bitcoin bulls, expecting a significant price rebound in the coming months. Kiyosaki, famous for his bestselling “Rich Dad Poor Dad” book series, sees bitcoin staging a 47% breakout back above $40,000 after a prolonged slump.

Buoyed by upbeat technical and on-chain metrics, he views the bellwether cryptocurrency returning relatively quickly to its pre-FTX collapse valuation.

Rich Dad’s Track Record Calling Moves

While far from an expert technical analyst, Kiyosaki has a history of making bold bitcoin price forecasts on social media. Sometimes, he’s been dramatically off-base. Yet, some of his past calls have almost seemed prescient to his credit.

In August 2020, when bitcoin traded below $12k, he predicted it would reach $50k within three years – a figure it exceeded just months later. Yet enthusiasm has also gotten the best of him, such as declaring last April that Bitcoin had bottomed at $33k just months before it plunged below $16k.

So, while Kiyosaki’s hit rate is debatable, he’s earned a platform for making market-moving pronouncements. Especially amongst his 1.7 million Twitter followers who hang on to his every thought on Bitcoin.

Modeling S&P 500 Breakout

In his latest prediction, Kiyosaki points to technical chart patterns showing Bitcoin lagging the 2011 silver price explosion that saw it gain nearly 75% in just over two months. He thinks bitcoin will replicate the current setup in the S&P 500, which has rallied 8% this year.

“BUILDING BASE: Like S&P Bitcoin Coiling for 47% EXPLOSION SOON,” he tweeted on Wednesday. The phrase “coiling” describes how compressed price action precedes intense breakouts.

Beyond the technicals, Kiyosaki also references recent on-chain analytics backing the case for an imminent Bitcoin takeoff. He interprets the data as signaling investors are re-entering after capitulating during last year’s deep drawdown. Buying from so-called “strong hands” then propels sustained upside moves.

Of course, not all agree with this overwhelmingly positive perspective. Critics argue ongoing macroeconomic troubles may hinder Bitcoin from forming a durable price bottom. Lingering fallout from failed crypto institutions like FTX also continues plaguing market sentiment. Based on the past year’s bloodletting, momentum indicators currently need more predictive value for some analysts.

But Kiyosaki remains undeterred, defiantly continuing to call for the rally just around the corner. If his projection finally proves accurate, expect the Rich Dad influencer to ensure his millions of loyal followers hear all about it.

Conclusion

Robert Kiyosaki, renowned for his bold Bitcoin predictions, anticipates a 47% surge, aiming for a rebound above $40,000. Despite a mixed track record, he draws parallels to past market patterns and on-chain data, expressing confidence in an imminent rally. Skeptics caution against ongoing challenges, but Kiyosaki remains steadfast. 

If proven correct, his influence in crypto will likely grow, resonating with his millions of followers. The unfolding months will reveal whether Kiyosaki’s foresight prevails in the unpredictable world of cryptocurrency.

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.