Robert Kiyosaki predicted a big surge in Bitcoin’s price, and stated that both Bitcoin and gold will see major appreciation after the Federal Reserve’s anticipated interest rate cuts. Other analysts also believe Bitcoin is poised for a major rally, and some predict a potential breakout above $92,000. Meanwhile, trading activity on Kraken and Coinbase suggests strong accumulation, especially from larger investors.
Robert Kiyosaki Predicts Massive Bitcoin Surge
Robert Kiyosaki, the well-known financial commentator and author of the ”Rich Dad Poor Dad” series, has made another bold prediction. He claims that the price of Bitcoin (BTC) is poised to ”explode.”
While Kiyosaki is known for his consistent support of alternative investments, he is also a very strong advocate of precious metals like gold and silver. Despite the ongoing debate between Bitcoin and gold, Kiyosaki dismisses the rivalry, and believes that those who focus on pitting the two assets against each other will ultimately lose out, particularly when the U.S. Federal Reserve makes its anticipated dovish pivot.
Kiyosaki believes that a big appreciation in the price of real assets, including Bitcoin and gold, will follow the Fed’s expected interest rate cuts. Rather than arguing about which asset is superior, Kiyosaki suggests that investors should instead be preparing for a potential windfall. He stated that discussions should rather revolve around whether they will be purchasing Ferraris or Lamborghinis in the coming bull run.
Bitcoin recently decoupled from gold, which was a surprising development considering the fact that both assets are traditionally viewed as safe-haven investments. This decoupling is attributed to the risk-averse macroeconomic environment in the U.S.
While gold has recently hit new all-time highs, Bitcoin is still struggling to regain its momentum. However, Kiyosaki is still confident in the cryptocurrency’s potential, and even previously predicted that Bitcoin could soar to $300,000 as early as this year.
Last Chance to Buy Bitcoin Before Surge
Other analysts also believe that Bitcoin may be on the verge of a big three-month rally, and even predict a potential breakout above $92,000. Historical post-halving chart patterns suggest that Bitcoin, which recently retested a key support level on the weekly chart, could be primed for a major upswing.
Popular analyst Titan of Crypto shared that in previous cycles, when Bitcoin’s price retested the 50-week simple moving average, it typically bounced by at least 40%, with an average increase of 71%. If Bitcoin rallies by 71% from its current level, it could reach $92,000.
On Sept. 14, Bitcoin recovered above the crucial $60,000 psychological mark for the first time since Aug. 30 after a downtrend that lasted more than three months. During this downtrend, BTC dropped by over 9%.
Historically, September has been a very bearish month for Bitcoin, with average returns of -4.46%. This makes it the weakest month for the cryptocurrency. However, Bitcoin has often rallied for three consecutive months after a September slump, with October averaging 22.9% returns and November historically yielding 46.8%, making it the second-best month for Bitcoin’s price.
Bitcoin monthly returns (Source: Coinglass)
In the halving year of 2020, Bitcoin experienced a six-month rally that started in October and continued into March of 2021. BTC gained more than 27% in October and more than 42% in November.
Some analysts believe that this current correction could present the last opportunity to buy Bitcoin before the price goes parabolic. Popular trader Mags suggested that Bitcoin typically gives three chances to buy before it takes off, with the last opportunity being right after the halving. He believes that this could be the final chance to buy Bitcoin at a lower price before a serious rally begins.
Onchain analyst Checkmate also thinks this is the case, and pointed out that Bitcoin’s current positioning mirrors the patterns seen during previous bull cycles. He also noticed that Bitcoin is in the same spot as it was during the past two cycles after the low, which could indicate the psychological recovery period investors very often experience after a bear market.
However, there may still be some downside risk in September as Bitcoin is facing what some analysts refer to as its “anxiety stage.” The outcome of the next Federal Reserve meeting on Sept. 18 could likely serve as a catalyst for the next leg up in Bitcoin’s price.
Bitcoin Buyers Flock to Kraken and Coinbase
It seems like some traders are already making the most of the opportunity to buy Bitcoin at its lower price. Bitcoin buyers are showing some strong activity on Kraken and Coinbase, and are taking advantage of discounts while selling pressure from other exchanges keeps BTC under pressure.
Data from London-based CCData reveals that the buy-sell ratio, which compares the volume of buy-to-sell orders, has averaged 250% on Kraken and 123% on Coinbase this month. This indicates more buys than sells, which suggests net bullish pressure on these platforms.
Bitcoin’s price started the month on a downward trend, dropping from $60,000 to around $52,500 before rebounding to $58,000. According to CCData research analyst Hosam Mahmoud, Kraken and Coinbase have seen much stronger buying pressure compared to other exchanges like Bybit and Binance, where buy-sell ratios have hovered near 99% and 97%, respectively. While these numbers don’t provide a definitive conclusion, they do still suggest that Kraken and Coinbase have become favored platforms for accumulation.
On Bybit and Binance, the average trade size for bitcoin-tether (BTC/USDT) spot pairs is around $898 and $747, respectively, reflecting more frequent, smaller trades that are likely driven by retail investors. In contrast, Kraken and Coinbase have seen larger average trades of $2,148 and $1,321, respectively, indicating that these platforms are attracting bigger trades, likely from institutional or long-term investors.
This trend suggests that retail traders are more active on Bybit and Binance, while Kraken and Coinbase are being used for larger, possibly more strategic, purchases.
Bitcoin Mine Shutdown Leads to Electricity Price Hike
In other Bitcoin news, residents of Hadsel in Norway are facing higher electricity bills after the closure of a local Bitcoin mining operation that was the source of many noise complaints. After years of campaigning to shut down the mining center, which disturbed the lifestyles of many residents, the operation was stopped in early September.
However, the closure has caused an economic ripple effect considering the Bitcoin mine accounted for about 20% of the local power company Noranett’s income. To compensate for the lost revenue, residents will now see an increase in their electricity costs, with an estimated annual rise of 2,500 to 3,000 Norwegian krone per household (around $235 to $280 USD).
Climate tech venture capitalist Daniel Batten criticized the decision, and argued that the closure is an example of how Bitcoin mining can actually help keep electricity prices lower for the general population. The data center consumed about 80 gigawatt hours of electricity annually, which is equivalent to the usage of roughly 3,200 households. Naturally, this contributed quite a lot to the local power grid’s revenue.
Hadsel’s mayor, Kjell-Børge Freiberg, acknowledged the noise issues but also stated that the town will seek new projects to compensate for the loss of electricity consumption from the mining center.
This is not the first time a Norwegian municipality faced noise complaints because of Bitcoin mining. In 2022, residents of Sortland also voiced their concerns over the noise from mining operations. Kjetil Hove Pettersen, the CEO of local mining company KryptoVault, suggested that media attention often focuses on the negative aspects of mining, which may not reflect the actual views of all residents.
Similar issues have led to legislative action in the U.S. state of Arkansas where a bill was passed to impose noise limits on crypto mining farms. The bill is expected to be signed into law by Governor Sarah Huckabee Sanders.
This article was originally Posted on Coinpaper.com
