Analyst Says Bitcoin Price Can Crash to $90k: How and Why?

Key Insights:

Robert Kiyosaki said that Bitcoin price could dip to as low as $90,000.
Despite the gloomy forecast, Kiyosaki remains bullish on the long-term trajectory of the crypto.
BTC price recorded marginal gains today, with market pundits highlighting crucial resistance and support levels.

Renowned Rich Dad Poor Dad author Robert Kiyosaki has recently sparked discussions with his recent post on X. The author has highlighted “August Curse,” hinting at the possibility of a potential Bitcoin price crash to $90,000.

However, despite that, he said that even if BTC witnesses such a fate, he will remain bullish on the long-term trajectory of the coin. He also criticized the “multi-trillion US dollar debt” and the US Federal Reserve for the ongoing volatility in the market.

So, here we analyze the recent comments of Robert Kiyosaki on BTC price and see what may lie ahead for the flagship crypto.

Bitcoin Price Crash to $90K Debate Sparks Curi

In a recent X post, financial expert Robert Kiyosaki has sparked discussions about a potential Bitcoin price crash to $90,000, citing the “Bitcoin August Curse.” However, despite his hope for a price drop, he has remained optimistic. In fact, he said that he would double his Bitcoin position if such a BTC crash happens.

Meanwhile, Kiyosaki’s prediction is based on historical trends, as August has been a challenging month for Bitcoin. According to CoinGlass data, BTC has an average return of just 1.5% over the past 12 years, with the median return at -7.49%.

Besides, the month has ended in losses eight times during this period through 2024. However, Kiyosaki noted that the real problem isn’t Bitcoin but the massive US national debt and the incompetence of those running the Federal Reserve and the Treasury.

Meanwhile, the author believes that the “Bitcoin August Curse” will ultimately make most Bitcoin investors richer. With Bitcoin currently trading around $114,000, a drop to $90,000 would be a significant buying opportunity for investors.

BTC price today recorded marginal gains and traded near $104,400, while its trading volume fell 14% to $50 billion. Notably, the crypto has hovered between $114,984 and $113,609 over the last 24 hours.

Despite its current recovery, Bitcoin price has lost nearly 4% over the last seven days, while witnessing a monthly surge of around 6%.

Notably, in the 4-hour time frame, BTC Futures Open Interest also stayed in the green, indicating that the investors might be regaining confidence in the asset.

Meanwhile, Bitcoin price has gone through a topsy-turvy path last week, witnessing a massive selling pressure. A recent CoinShares report showed that Bitcoin has recorded an outflow of $404 million last week, while altcoins like ETH, XRP, and SOL recorded a strong influx.

Bitcoin Fund Flow Data | Source: CoinShares

On the other hand, the institutional interest has also faded, as evidenced by the US Spot BTC ETF fund flow data. The investment instruments have recorded a combined outflow of $927 million on July 31 and August 1.

As BTC price has started recovering from last week’s dip, market pundits have also turned bullish on the future trajectory of the coin. For context, analyst Michael van de Poppe said that “Bitcoin is doing great.”

In addition, he noted that if Bitcoin price holds above the resistance at $114,755, it could target $116,813 next, and potentially move towards a new all-time high. However, a rejection at $114,537 could drag down its price to $110k, which might offer more buying opportunities to traders.

Bitcoin Price Analysis | Source: Michael van de Poppe, X

Meanwhile, analyst Captain Faibik also shared a similar projection, highlighting a crucial resistance at $115k. He noted that if BTC clears the level, it could target $118k next.

BTC Price Crash | Source: Captain Faibik, X

However, it’s worth noting that investors are still cautious, given the historical performance of the asset in August. Recently, Arthur Hayes also predicted a potential Bitcoin price crash to $100k, citing the ongoing macroeconomic woes.

Having said that, investors should exercise caution while putting their bets amid the ongoing volatile scenario in the market.

The post Analyst Says Bitcoin Price Can Crash to $90k: How and Why? appeared first on The Coin Republic.

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