Bitcoin Price Crash in December? Robert Kiyosaki Predicts Possible Dip to $60K
Although the market is extremely bullish on the price of Bitcoin, many are expecting a December Santa Claus rally as Bitcoin tends to rise by 30-40% after elections. But there is also the possibility of a short-term decline. Robert Kiyosaki, author of the best-selling book “Rich Dad Poor Dad,” recently predicted that the price of Bitcoin could “collapse” to $60,000.
The prediction follows a sharp rally in Bitcoin, which has recently reached a near-all-time high of $99,800. However, Kiyosaki’s warning is not as important as it sounds. While he acknowledged the possibility of a short-term decline, he remains bullish on Bitcoin’s long-term value.
Long-term bullish outlook
Kiyosaki has been expressive He believes that despite Bitcoin’s volatility, it is an important hedge against economic uncertainty. He warned that the global financial system was in jeopardy due to rising debt levels and potential depreciation of currencies, especially the U.S. dollar.
For Kiyosaki, Bitcoin represents a safe haven, like gold and silver, especially as governments continue to print money. He even made bold predictions, such as Bitcoin reaching $10 million per coin in the future due to these economic challenges.
Although Kiyosaki is concerned that the price could fall to $60,000, he remains committed to keeping Bitcoin as part of his investment portfolio. He views any dip as an opportunity to buy more Bitcoin, demonstrating his belief in Bitcoin’s long-term potential.
“If this happens, I will not sell. BTC will be on sale. I will buy more,” he said.
Technically speaking, how low can Bitcoin go?
With a short-term correction approaching, Bitcoin may now fall towards the $60,000 to $62,000 range. Currently, Bitcoin faces resistance around $99,100, which is a key level that prevents it from moving higher. On top of that, Bitcoin’s RSI, a tool that measures the extent of price movement, is above 74, suggesting that Bitcoin may be overbought. In the past, whenever the RSI reached similar levels, the price of Bitcoin usually fell after a strong rally.
When Bitcoin pulls back, it typically finds support at the 50-week moving average (EMA), which is the average price over the last year. In previous rallies, such as in 2021, Bitcoin hit highs and then fell back to the 50-week moving average before continuing to rise. This pattern suggests that Bitcoin could drop to the $62,000 mark, where it could find support and possibly stabilize before heading higher again.
Other analysts are also optimistic
While the price correction is significant and considered normal, other analysts are more optimistic about Bitcoin’s future. Galaxy Digital CEO Mike Novogratz doesn’t expect Bitcoin to fall below $80,000. He believes Bitcoin is in a strong position and will continue to climb higher in the coming months. Some analysts even predict that Bitcoin could reach $150,000 as increased institutional interest and liquidity drive the market forward.
Global Macro Investor CEO Raoul Pal is also optimistic about the outlook. He said Bitcoin could soar above $110,000 by January 2025, driven by liquidity injections from central banks around the world.
