Bitcoin price
Rich Dad, Poor Dad Author Predicts Bitcoin to Hit $350,000
Published
4 weeks agoon
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Renowned personal finance author Robert Kiyosaki has predicted Bitcoin will reach $350,000 by August 25, 2024. The Rich Dad, Poor Dad writer has long been a Bitcoin bull, touting Bitcoin as hard money alternatives.
NEW: Rich Dad, Poor Dad author predicts #Bitcoin will reach $350,000 by August 2024.
Are you prepared? 🙌 pic.twitter.com/6Isr7UZUVT
— Bitcoin Magazine (@BitcoinMagazine) June 6, 2024
In a recent X post, Kiyosaki projected Bitcoin to hit $350,000 based on his lack of faith in U.S. leadership. He labelled President Biden, Treasury Secretary Janet Yellen, and Fed Chair Jerome Powell as “the 3 Stooges in real life” and said he was confident in their incompetence.
Kiyosaki advised buying more Bitcoin to protect against poor economic stewardship. He has frequently criticized the U.S. government’s stimulus spending and money-printing policies under Biden.
While a long-term Bitcoin believer, Kiyosaki’s $350,000 target within two months is an extremely bullish projection. For bitcoin to reach that price by August, it would need to surge over 380% from current levels near $71,000.
Still, the author sees potential for explosive Bitcoin growth ahead, calling his prediction “not a lie.” Kiyosaki endorsed Ark Invest’s $2.3 million long-term Bitcoin price forecast earlier this year.
The bold projection follows surging inflows into U.S. spot Bitcoin ETFs, which saw their second-highest daily haul ever on Tuesday at over $880 million.
Improving mainstream acceptance has buoyed Kiyosaki’s outlook. With major financial centres like Australia, the U.K., and the U.S. embracing spot bitcoin ETFs, confidence is rising.
While $350,000 by August appears overly optimistic, the author advocates Bitcoin’s potential as a hedge against what he views as unsound government policies. Kiyosaki urges investors to continue accumulating positions in Bitcoin.
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Bitcoin Price Falls as Mt Gox Starts Repayments
Bitcoin price
Bitcoin Price Falls as Mt Gox Starts Repayments
Published
8 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/mt-gox.jpg)
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The Bitcoin price plunged this week, sinking below $55,000 for the first time since February as the now-defunct Mt Gox exchange began distributing billions in owed funds.
Mt Gox announced it has started repaying creditors, ending years of waiting stemming from its 2014 collapse. The Japan-based exchange will distribute approximately $9 billion worth of Bitcoin, Bitcoin cash, and fiat currency.
The news added heavy selling pressure on Bitcoin, which fell over 6% on Friday to trade near $54,000. The broader Bitcoin and crypto market shed over $170 billion in 24 hours amid the declines.
On Thursday evening, Mt Gox moved around 47,000 Bitcoin worth nearly $2.7 billion from cold storage wallets to a separate address. While intentions remain uncertain, the transfer fueled concerns creditors may sell portions of recovered coins.
The payouts come after protracted bankruptcy proceedings for Mt Gox, which suffered a massive hack in 2014 that resulted in 850,000 Bitcoin being lost. It was the largest crypto exchange at the time, handling 70% of all Bitcoin transactions.
The repayment of creditors marks a major step toward resolving Mt Gox’s decade-long insolvency case. However, the influx of previously lost coins threatens to shift supply and demand dynamics.
Some analysts estimate selling pressure from payouts could push Bitcoin’s price as low as $50,000 in the near term. Ongoing transfers from the German government have also weighed on the market.
However, others argue the amounts equate to a small fraction of daily Bitcoin trading volumes. They say most creditors are long-term investors unlikely to dump holdings en masse, limiting impacts.
Nonetheless, analysts widely expect significant volatility ahead between Mt Gox distributions and the start of German government sales in July.
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Bitcoin
Bitcoin Closes CME Gap, Expert Predicts What Happens Next
Published
24 hours agoon
July 4, 2024By
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Crypto expert Michael van de Poppe has highlighted an important indicator which suggests that Bitcoin could make a crucial bounce from its current price level. This follows the flagship crypto’s recent decline below $60,000.
BTC’s CME Gap Has Closed
Van de Poppe revealed in an X (formerly Twitter) post that Bitcoin’s CME gap has closed and added that it is time for the crypto token to enjoy a relief bounce from its current price level. From the chart he shared, Bitcoin will reclaim $60,000 as support before moving further to the upside.
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![](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-1.png?w=460&resize=460%2C249)
Crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled. Like Van de Poppe’s prediction, the analyst expects Bitcoin to reclaim the $60,000 range and possibly continue its upward trend. Mikybull Crypto revealed that Bitcoin has completed its inverse head-and-shoulder pattern on the daily chart. He predicted that the flagship crypto could reach a minimum breakout target of $70,000 when it successfully breaks out above $62,000.
![BTC price](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-2.png?w=460&resize=460%2C261)
Mikybull Crypto also mentioned that the Moving Average Convergence/Divergence (MACD) indicator indicates that a bullish cross is imminent for Bitcoin. He noted that this indicates strength for the flagship crypto and that its price is poised to rise. The crypto analyst is also undeterred by Bitcoin’s recent underperformance as he is confident that a parabolic rally will soon enough.
![Bitcoin price 3](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-3.png?w=460&resize=460%2C261)
Contrary to what some might think, he claimed that the cycle top isn’t in yet and that this is simply a “final shakeout” before the market top is in. Based on the chart he shared, he predicts that Bitcoin will still climb above $100,000 and possibly reach $130,000. The analyst had previously mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”
![BTC price](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-4.png?w=460&resize=460%2C261)
What Next For Bitcoin?
With Bitcoin failing to hold above $60,000, the bearish calls are becoming louder in the crypto community. Some predict that the flagship crypto could drop to the $40,000 range soon enough. Crypto analyst CrediBULL Crypto claimed that “there is still a lot that must be done” for Bitcoin to drop that range, suggesting that it is unlikely to happen anytime soon.
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He also provided insights into what will likely happen to Bitcoin at its current price level. According to CrediBULL Crypto, there is a chance that Bitcoin will wick the $58,000 low, hold a higher low above the $56,000 low, and then reverse from there. He further raised the possibility of Bitcoin dropping into the $53,000 demand area if the $56,000 lows are breached.
Additionally, the crypto analyst mentioned that $40,000 could become possible if Bitcoin fails to hold above $53,000. However, he believes this scenario of Bitcoin dropping to $40,000 is “the least likely to actually play out.” He remarked that this isn’t something anyone should be placing “heavy weight on at this time.”
Featured image created with Dall.E, chart from Tradingview.com
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Bitcoin
Bitcoin Is Up 2X But Speculators Are Underwater: Will The Sell-off Continue?
Published
2 days agoon
July 4, 2024By
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Bitcoin is down at press time, wiping the weekend’s gains and inching closer to $60,000. If bears press on, increasing their shorts, the odds of the coin sliding below the psychological number and $56,800 remain high.
Glassnode: STHs Are In Red
As the world’s most valuable coin finds itself at a critical juncture, fast approaching $60,000, on-chain data points to weakness at spot rates.
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In a post on X, Glassnode, a blockchain analytics firm, highlighted how BTC finds itself in a unique situation.
![Bitcoin short-term holders are in red | Source: @glassnode via X](https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590)
While Bitcoin is in green, rallying by over 100% over the last year, data shows that many short-term holders (STHs), primarily traders and speculators, are underwater. STHs are entities or addresses that bought their coins in the last 155 days or before the end of 2023.
During this time, not only did prices soar to an all-time high, meaning all coins were in circulation by mid-March 2024, but speculators were raving, expecting prices to continue soaring. However, this didn’t come to pass because no sooner had BTC breached $70,000, rising to $73,800, prices fell sharply.
By mid-May, BTC cratered to $56,800 before briefly bouncing to around $71,500. The failure of bulls to break $72,000, a level closely monitored by traders, means sellers have the upper hand at press time.
Glassnode’s assessment suggests that though STHs are feeling the pressure, only those who bought and HODL over the last year are in the money. With a 2X surge over the previous 12 months, BTC is technically in an uptrend, aligning with gains from the second half of 2023.
HODLers Are In The Money: Why Are BTC Whales Selling?
Other parallel data shows that long-term holders (LTHs), especially those who bought in the last five to seven years, enjoy a realized price of less than $7,300. This means that regardless of the current volatility, these HODLers are in the money and can wait for the current shake-out to end.
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Amid this state of affairs, Lookonchain data shows that Bitcoin whales have been moving coins to Binance. Often, transfers to centralized exchanges are considered bearish. Therefore, the more coins sent, the more bearish the sentiment and the net negative it is on prices.
![BTC whales are unloading | Source: @lookonchain via X](https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456)
As of July 3, the analytics platform noted that one whale sent 1,023 BTC, worth roughly $62 million, to Binance. Earlier, another whale transferred 1,723 BTC, worth over $106 million, to the world’s largest crypto exchange.
Feature image from DALLE, chart from TradingView
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