The collapse of cryptocurrency trading firm FTX has plunged the cryptocurrency space into another cycle of fear, uncertainty, and suspicion (FUD). Bitcoin (BTC) has also been hit hard. Now analysts and investors are talking about what levels BTC will bottom. Robert Kiyosaki, author of the “Rich Dad Poor Dad” book, says that the bottom level for Bitcoin could be $10,000. Analyst Rekt Capital is also calling for a bottom in BTC. Bloomberg analyst Mike McGlone points to a 40 percent collapse. Here are the details…
Robert Kiyosaki points to $10,000 for Bitcoin
cryptocoin.com As we have also reported, the world’s largest cryptocurrency has dropped 17.7 percent in the last seven days. It was trading at $16,637. Bitcoin is down 75.8 percent from the record level of $69,000 it recorded nearly a year ago. Meanwhile, the famous writer Kiyosaki reminded his followers on Twitter that he is a big proponent of Bitcoin, gold and silver. He said he would use this sale in crypto as an opportunity to stockpile Bitcoin if it drops to $10,000-12,000. Kiyosaki used the following statements:
BITCOIN? am i worried? No. I am a physical gold, silver and real estate investor as much as I am a Bitcoin investor. I’m not a trader, I’m not worried. I bet gold, silver and Bitcoin against the Fed, Treasury, Biden.
Kiyosaki knew the $17,000 level
When Bitcoin began to crash in May, Kiyosaki called it “great news.” He predicted a drop to $20,000. Then, he waited for the $17,000 bottom to be tested. His prediction came true when Bitcoin briefly dropped to $17,000 on June 18. In another message he sent to his followers in October, the author said that the time has come to use the aggressive stance of the Fed to buy more gold, silver and Bitcoin. Kiyosaki used the following statements:
Buying opportunities: If the FED continues to raise interest rates, the US dollar will strengthen, causing gold, silver and Bitcoin prices to fall. Buy more. When the FED rolls and lowers interest rates like the UK did, you’ll laugh while others cry.
Kiyosaki sees silver jump to $100 and then to $500 in this decade. In mid-June, Kiyosaki also gave investment advice on surviving this high inflation environment and told his followers to stock up on canned tuna. “Inflation is about to rise. The best investments are canned tuna and dried beans. You cannot eat gold, silver, Bitcoin. You can eat canned tuna and dried beans,” she says.
Bloomberg analyst predicts 40 percent drop
Bloomberg Intelligence senior strategist Mike McGlone predicts that Bitcoin (BTC) could drop to levels last seen in July 2020. McGlone says that Bitcoin could drop 39 percent from the current price and revisit the $10,000 support level in the coming weeks. The macro strategist says that the crypto sell-offs witnessed this week underline the risk posed by risk assets. The analyst argues that this decline will trigger capitulation sales.
According to the analyst, the impact of the collapse of the FTX crypto exchange and the consequent damage to the reputation of CEO Sam Bankman-Fried may be greater in the macroeconomic landscape. “The loss of confidence resulting from the collapse of FTX and its leader, Sam Bankman-Fried, has been a shock to cryptos,” according to the analyst. “But macroeconomic dominos may be more important,” he says.
Rekt Capital explained: What’s next?
Rekt Capital says better days are coming for Bitcoin (BTC). “One day the BTC Bull Market will take place. But today is not that day,” he says. Rekt Capital also reminds traders that after this bear market, there will be a bull market. “People think that BTC will never see an 80 percent bear market again. Because it’s mainstream now and too mature for a presence,” he says. But he underlines that there was a 53 percent correction only months ago.
The analyst then points out that BTC has already dropped 78 percent since last October. Considering this drop, Rekt warned that BTC will fall to $11,000 based on historical precedents. Because he pointed out that in an average bear market, BTC fell by 84.5 percent.
Starting to turn the conversation to the recent FTX crash, the trader says that stock markets tend to crash during these periods of volatility. Then, FTX to Mt. Compared to other exchanges like Gox. The current state of FTX is BitMEX, MT in previous bear cycles. He argues that he is in the same position as Gox.
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