Robert Kiyosaki predicted a major surge in the price of Bitcoin and claimed that both Bitcoin and gold will see a significant appreciation after the planned interest rate cuts by the Federal Reserve. Other analysts also believe that Bitcoin is ready for a major rally with some predicting a possible breakout above $92,000. Meanwhile, trading activity on Kraken and Coinbase suggests strong accumulation, especially by large investors.
Robert Kiyosaki predicts a massive surge in the price of Bitcoin
Robert KiyosakiThe 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 about to “explode”.
While Kiyosaki is known for his consistent support of alternative investments, he is also a strong proponent of precious metals such as gold and silver. Despite the ongoing debate between Bitcoin and goldKiyosaki dismisses the rivalry and believes those who focus on pitting the two assets against each other will end up losing, particularly when the US Federal Reserve makes its expected pivot to a dovish stance.
Kiyosaki believes that a major appreciation in the price of real assets, including Bitcoin and gold, will follow the expected interest rate cuts by the Fed. Instead of arguing about which asset is superior, Kiyosaki suggests that investors should prepare for a potential windfall. He stated that discussions should revolve around whether they will buy Ferraris or Lamborghinis in the coming years. bullfight.
Bitcoin recently decoupled from gold, which was a surprising development considering the fact that both assets are traditionally considered safe haven investments. This decoupling is attributed to the risk-averse macroeconomic environment in the US.
While gold 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 It could reach $300,000 as early as this year.
Last chance to buy Bitcoin before the sudden surge
Other analysts also believe that Bitcoin may be on the verge of a major three-month rally, even predicting 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 big rebound.
Popular analyst Cryptocurrency titan He shared that in previous cycles, when the Bitcoin price retested the 50-week simple moving average, it typically bounced at least 40%, with an average increase of 71%. If Bitcoin rises 71% from its current level, it could reach $92,000.
On September 14, Bitcoin rallied above the crucial psychological mark of $60,000 for the first time since August 30 after a downward trend which lasted for more than three months. During this downward trend, Bitcoin It fell more than 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 dip, with October averaging a 22.9% return and November averaging a 46.8% return, making it the second-best month for Bitcoin price.
Bitcoin Monthly Returns (Source: Glass of coins)
In the 2020 halving year, Bitcoin experienced a six-month rally that began in October and continued into March 2021. BTC gained over 27% in October and over 42% in November.
Some analysts believe that this current correction could present the last opportunity for buy Bitcoin before the price goes parabolic. Popular trader Mags suggested Bitcoin typically gives three opportunities to buy before it takes off, with the last opportunity being right after the halving. He believes this could be the last chance to buy Bitcoin at a lower price before a serious rally begins.
Onchain Analyst Mate He also believes this to be the case and noted that Bitcoin’s current positioning mirrors patterns seen during previous bull cycles. He also noted that Bitcoin is in the same place as it was during the past two cycles after the bottom, which could indicate the psychological recovery period that investors very often experience after a bear market.
However, there may still be some downside risk in September as Bitcoin faces what some analysts are calling its “stage of anxiety.”The outcome of the upcoming Federal Reserve meeting on September 18 could likely serve as a catalyst for the next surge in Bitcoin price.
Bitcoin buyers flock to Kraken and Coinbase
It seems that some traders are already taking the opportunity to buy Bitcoin at its lowest price. Bitcoin buyers are showing strong activity in Kraken and Coinbaseand they are taking advantage of the discounts while selling the pressure of others. exchanges Keeps BTC under pressure.
London Facts CC Data reveals that the buy-sell ratio, which compares the volume of buy orders to the volume of sell orders, has averaged 250% on Kraken and 123% on Coinbase this month. This indicates more buying than selling, suggesting net bullish pressure on these platforms.
Bitcoin price started the month on a downward trend, falling from $60,000 to around $52,500 before recovering to $58,000. According to CCData research analyst Hosam MahmoudKraken and Coinbase have seen much stronger buying pressure compared to other exchanges like Bybit and Binancewhere buy-sell rates hovered around 99% and 97% respectively. While these numbers do not provide a definitive conclusion, they do suggest that Kraken and Coinbase have become favored platforms for accumulation.
On Bybit and Binance, the average transaction size on bitcoin-tether (BTC/USDT) spot pairs is around $898 and $747, respectively, reflecting more frequent and smaller transactions that are likely driven by retail investors. In contrast, Kraken and Coinbase have seen larger average transactions of $2,148 and $1,321, respectively, indicating that these platforms are attracting larger transactions, 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 used for larger, possibly more strategic purchases.
Bitcoin mine closure triggers electricity price hike
In other Bitcoin news, residents of Hadsel in Norway are facing higher electricity bills after… closing from a local Bitcoin Mining The operation was the cause of numerous noise complaints. After years of campaigning to close the mining centre, which was disrupting the lifestyle of many residents, the operation was halted in early September.
However, the closure has caused an economic domino effect, considering that the Bitcoin mine accounted for approximately 20% of local power company Noranett’s revenue. To compensate for the loss of income, residents will now see an increase in their electricity costs, with an estimated annual increase of 2,500 to 3,000 Norwegian kroner per household (around $235 to $280 USD).
Climate tech venture capitalist Daniel Batten criticized the decision, arguing that the shutdown is an example of how Bitcoin mining can help keep electricity prices low for the general population. The data center consumed around 80 gigawatt hours of electricity per year, which is equivalent to the consumption of approximately 3,200 households. Naturally, this contributed quite a bit to the revenue of the local power grid.
Hadsel Mayor Kjell-Børge Freiberg acknowledged the noise problems, but also said the city will look for new projects to compensate for the loss of electricity consumption from the mining center.
This is not the first time that a Norwegian municipality has faced noise complaints due to Bitcoin mining. In 2022, residents of Sortland also raised concerns about noise from mining operations. Kjetil Hove Pettersen, CEO of local mining company KryptoVault, suggested that media attention is often focused on the negative aspects of mining, which may not reflect the real views of all residents.
Similar issues have led to legislative measures in the US state of Arkansas, where a bill A law has been passed to impose noise limits on cryptocurrency mining farms. Governor Sarah Huckabee Sanders is expected to sign the bill into law.
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