Summary:
- Robert Kiyosaki has forecasted that Bitcoin might find a bottom at $17k or $11k
- Mr. Kiyosaki also said that market crashes were an opportune time to buy assets such as Bitcoin
- According to Bitcoin Analyst Timothy Peterson, Bitcoin could decouple from the Nasdaq at the $23k price area
- Bitcoin is once again facing the weekly close, and $28k is the support level to watch alongside the local low of $26,700
The author of the popular investing book Rich Dad Poor Dad, Robert Kiyosaki, has forecasted that Bitcoin could find a bottom at either $17k or $11k. Mr. Kiyosaki also pointed out that market crashes were an excellent time to buy assets such as Bitcoin. According to his analysis, Bitcoin is the future of money. He said:
Why CRASHES are GOOD: Rich dad taught his son and me “Your profit is made when you buy…not when you sell.”
Bitcoin is the future of money.
That is why I will back up the truck when the bottom is in. It may be $17k or even lower $11k. Time to get richer is coming. Take care.
Bitcoin Could Decouple from the Nasdaq at $23k
Similarly, Bitcoin Analyst Timothy Peterson of Cane Island Alternative Advisors has forecasted that Bitcoin could decouple from the grasp of the Nasdaq at a value of roughly $23k. However, he cautioned that the decoupling of Bitcoin from the Nasdaq at $23k did not necessarily mean a bottom. His analysis of Bitcoin in relation to the Nasdaq can be found in the following tweets.
5/5 This does not mean a bottom, it just means #NASDAQ will have lost its influence on #bitcoin. From there, the greatest influence on price would be bitcoin user growth rates. Take that FWIW.
— Timothy Peterson (@nsquaredmacro) May 14, 2022
Bitcoin’s $28k and $26,700 are Price Levels to Watch During the Weekly Close
At the time of writing, Bitcoin is trading at $29,725, which is $275 lower than the crucial $30k support level. At the same time, Bitcoin is in clear bear territory, trading below the 50-day (white), 100-day (yellow), and the 200-day (green) moving averages.
However, its daily MFI, MACD, and RSI point towards an oversold scenario for Bitcoin that could result in BTC recapturing $30k or even $32k moving forward.
But there is still the weekly close later tonight that might cause a retest of the $28k support and the local low of $26,700 set earlier this week due to the crypto market meltdown as a result of UST losing its peg and the subsequent inflation of LUNA.
