Bitcoin Market Predictions: USD Decline, Saylor’s Strategy, and Kiyosaki’s Take
The Bitcoin market is experiencing a modest rise of 1.50% on Monday, currently trading at $30,377. However, the weakening US dollar and economist Peter Schiff’s warnings of an impending recession and inflationary depression could have significant implications for the cryptocurrency.
US Dollar in Decline: Schiff’s Grim Forecast
Economist Peter Schiff has warned of a possible collapse in demand for the US dollar due to high inflation and a protracted recession caused by significant national debt and budget deficits. He criticizes the Federal Reserve’s approach to combating inflation and believes that the value of the US dollar will decrease when major purchasers become sellers.
Saylor’s Bitcoin Strategy: A Testament to Profitability
Michael Saylor, founder and chairman of MicroStrategy, has highlighted the success of his company’s Bitcoin strategy. Since accepting Bitcoin as its treasury reserve asset in August 2020, Bitcoin has outperformed traditional assets such as the S&P 500, Nasdaq Composite, silver, bonds, and even gold. MicroStrategy continues to show bullishness on Bitcoin by adding more units to its holdings.
Kiyosaki’s Take: Gold’s Ascent and Bitcoin’s Potential $135K Peak
Renowned author Robert Kiyosaki predicts a rise in gold prices beyond $2,100 to $3,700 and an increase in silver prices from $23 to $68 per ounce. He also forecasts that Bitcoin will first test $30,000 before reaching $135,000. Kiyosaki sees precious metals and cryptocurrencies as a hedge against inflation and doubts the future of the US dollar.
Bitcoin Price Prediction
When analyzing the 4-hour chart for Bitcoin, key price levels are identified. The pivot point is $29,208, with resistance levels at $31,207, $32,440, and $34,473. On the downside, support levels are found at $29,174, $27,974, and $25,942. The Relative Strength Index (RSI) indicates an overbought market, suggesting caution for traders. The 50-Day Exponential Moving Average (EMA) supports a bullish trend if Bitcoin’s price remains above $29,037.
Hot Take: Bitcoin’s Bullish Trend
The Bitcoin market shows signs of a bullish trend as it surpasses the crucial $30,300 threshold. Market participants should closely monitor whether Bitcoin will challenge resistance levels or adjust based on broader market forces.
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