July 24, 2024

Renowned finance author Robert Kiyosaki has shared his thoughts on the future trajectory of the Bitcoin price. The author, who is no stranger to the crypto community, says that Bitcoin could rise to $150,000 while revealing what will spark this significant price surge. 

What Will Spark Bitcoin’s Rise To $150,000

Kiyosaki hinted in a post on his X (formerly Twitter) platform that the Spot Bitcoin ETFs will be the catalyst for Bitcoin’s rise to $150,000. He, however, didn’t say exactly when Bitcoin will hit this price level as he only stated that it will happen soon. With this prediction, the author joins a growing list of persons who believe that the approval of these funds will be massive for Bitcoin. 

Kiyosaki, who authored the best-selling book ‘Rich Dad, Poor Dad, also expressed his excitement at getting in on the flagship crypto token early. He expects Bitcoin’s value to keep rising as he says he will keep buying adding more BTC to his portfolio. He also made a case for Gold and Silver as Inflation continues to be at a high. According to him, the only “losers” are those who save “fake fiat US dollars.”

The renowned author, who happens to be an advocate of financial literacy, has always been outspoken about Bitcoin. At one time, he urged everyone to invest in the crypto token to avoid becoming poorer due to the actions of the government. He had also labeled Bitcoin as the “best protection” against a potential wave of hyperinflation. 

Bitcoin price chart from Tradingview.com

BTC price at $45,555 | Source: BTCUSD on Tradingview.com

What Bitcoin Is Saying On the Charts

Crypto analyst Ali Martinez has provided insight into Bitcoin’s trajectory from a technical analysis angle. Martinez mentioned in a post on his X platform that Bitcoin has established a solid support zone at $42,000. This support level is said to be backed by 2.48 million addresses holding over 1.12 million BTC. 

The analyst further stated that Bitcoin could potentially rise to as high as $55,000 with no “major supply zones in sight.” However, the flagship crypto token will first need to breach the $48,000 resistance. Once that happens, on-chain data suggests “a clear path ahead,” Martinez says. 

In a subsequent post, the analyst also offered a bearish narrative as Bitcoin’s price could face a major correction. Martinez noted that the TD Sequential is currently flashing a sell signal on Bitcoin’s weekly chart. This indicator is said to be forecasting a correction that could last one to four weeks before the crypto token resumes its uptrend. 

At the time of writing, Bitcoin is trading at around $46,000, down over 1% in the last 24 hours according to data from CoinMarketCap.  

Featured image from Ars Technica, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source link