Summary:
- Robert Kiyosaki has recommended investors to buy Bitcoin
- He cites that the Biden administration will print more dollars to stimulate the economy
- He also expects the rules to change at the Federal Reserve thus facilitating additional money printing
- Bitcoin has been consolidating between the $40k and $41k price level over the weekend and the weekly close will determine its next move
The author of ‘Rich Dad, Poor Dad’, Robert Kiyosaki, has once again recommended traders and investors to buy Bitcoin (BTC). According to Mr. Kiyosaki, the incoming Biden administration will most likely start printing more money in the first 100 days in office. Furthermore, he expects that President-elect Joe Biden will nominate Janet Yellen as Treasury Secretary thus ushering in a new era that could further weaken the dollar.
Mr. Kiyosaki shared his analysis and recommendation to buy Bitcoin via the following statement.
First 100 Days. Biden to start printing money. 1st Step change the rules of the Fed. That is why Janet Yellen, former Fed Chairman is Sec of Treasury. Once Fed rules changed helicopters start dropped money directly to people. Dollar will be destroyed. Buy gold silver Bitcoin.
Bitcoin Consolidates Around $41k, Weekly Close to Determine Next Move
In terms of price, Bitcoin is currently experiencing sideways movement for the last three days. At the time of writing, Bitcoin is trading at $40,600 and has been oscillating between $38,700 and $41,400 since early Saturday.
The sideways movement has created an ascending triangle pattern on the one hour chart that could resolve to the upside if Bitcoin’s bullish momentum is maintained through the weekly close. This pattern has been highlighted in the following BTC/USDT chart courtesy of Tradingview.
Conversely, if the ascending triangle pattern fails, Bitcoin could very well be on a path towards a brief correction that could see it revisit lower levels with the $35k price area providing short term support.
