As the Bitcoin market continues its unpredictable journey, several figures and events have appeared to hint at potential upcoming movements. Currently trading at $30,377, Bitcoin has seen a modest 1.50% rise this Monday.
Peter Schiff, the economist, has issued dire warnings of a pending recession and inflationary depression, driven by the weakening of the US dollar. This might have significant implications for the cryptocurrency.
Michael Saylor, a key player in the Bitcoin realm, has presented evidence of the success of his Bitcoin strategies.
Meanwhile, financial expert Robert Kiyosaki has projected a soaring trajectory for gold and a remarkable peak of $135,000 for Bitcoin.
US Dollar in Decline: Schiff’s Grim Forecast
Peter Schiff has voiced his fears of an inflationary slump, a protracted recession, and a possible collapse in demand for the US dollar. He has criticized the Federal Reserve’s approach to combatting inflation, claiming that the measures taken during the pandemic have only worsened the situation.
Schiff has warned that if significant purchasers become sellers, the demand for the US dollar, sustained by the buying of Treasuries, will decrease, causing the currency’s value to drop and Treasury rates to rise.
These concerning views of the US dollar may have been providing some momentum for Bitcoin today, as they are negatively correlated.
Saylor’s Bitcoin Strategy: A Testament to Profitability
Michael Saylor, founder and chairman of MicroStrategy, recently highlighted the success of his company’s Bitcoin (BTC) strategy. Since accepting Bitcoin as its treasury reserve asset in August 2020, a chart was posted to show the cryptocurrency’s performance against several financial assets.
Bitcoin has seen a 147% increase in value since then, outperforming more traditional assets such as the S&P 500 (26% growth) and the Nasdaq Composite (18% growth). Silver and bonds fell by 19% and 24% respectively, while gold only trailed Bitcoin by 3%.
Saylor has stated his conviction in Bitcoin’s strength, and MicroStrategy has added 5,445 more units to its total holdings of 158,245 units (worth an estimated $4.68 billion).
This demonstrates the company’s commitment to Bitcoin as a valuable asset, possibly influencing the prices of BTC today.
Kiyosaki’s Take: Gold’s Ascent and Bitcoin’s Potential $135K Peak
Renowned author Robert Kiyosaki, of “Rich Dad Poor Dad”, has made his predictions on the prices of Bitcoin, gold, and silver. He believes gold will soon rise beyond $2,100 and reach $3,700, and silver will rise from $23 to $68 per ounce.
Kiyosaki has projected that Bitcoin will first test $30,000 before hitting a peak of $135,000. He has voiced his doubts about the future of the US dollar, advocating for cryptocurrencies instead, which he calls “people’s money” and “God’s money”.
This positive prediction from Kiyosaki might have had a hand in pushing the prices of BTC today.
Bitcoin Price Prediction
The 4-hour chart for Bitcoin has identified several pivotal price levels. The pivot point is $29,208, with the immediate resistance at $31,207. Further resistances are at $32,440 and $34,473. Immediate support is at $29,174, with additional supports at $27,974 and $25,942.
The Relative Strength Index (RSI) for Bitcoin is currently at 79, which suggests an overbought market and the possibility of a reversal or pullback. An RSI below 30 would indicate an oversold market.
The 50-Day Exponential Moving Average (EMA) is pegged at $29,037, with Bitcoin’s price hovering above it. This signals a bullish trend in the short term, further backed by the presence of the “Three White Soldiers” candlestick pattern and a double top pattern breakout above the $30,300 level.
These technical indications point to a prevailing buying trend, suggesting that Bitcoin might challenge the aforementioned resistance levels. Market participants should be vigilant, monitoring whether Bitcoin will adjust based on broader market forces.
Top 15 Cryptocurrencies to Watch in 2023
Our experts at Industry Talk and Cryptonews have picked out the 15 best alternative cryptocurrencies and Initial Coin Offerings (ICOs) to watch in 2023. Take advantage of this opportunity to explore the potential of these digital assets and stay informed.
Next 100x Project?
One project that has been gaining attention lately is Bitcoin Minetrix (BTCMTX).
This tokenized cloud mining platform has managed to raise over $2.1 million in funds in a short span of weeks.
The unique stake-to-mine approach of Bitcoin Minetrix has broadened the scope for Bitcoin mining and its rewards. When users stake BTCMTX, they are granted tokenized mining credits which can be used to purchase hashpower on the Bitcoin network. This hashpower then allows them to mine actual BTC, with the added bonus of obtaining additional BTCMTX tokens.
1 BTCMTX is currently priced at $0.012 and is set to increase in value in less than 13 days. Such a price could seem very cheap after BTCMTX is listed on exchanges in the upcoming months.
Buy Bitcoin Minetrix Here
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
