- Bitcoin one-year running Return on Investment (ROI) has formed a bottom pattern, one that occurs a year after hitting cycle top.
- Robert Kiyosaki believes it is a buying opportunity for Bitcoin as the US dollar surges.
- Bitcoin price sustains above the key psychological level of $19,000 despite looming risk of decline.
Bitcoin price surpassed the key psychological barrier at $19,000 and sustained above this level. American businessman and author Robert Kiyosaki believes that it is a buying opportunity for BTC. Analysts warn traders of a decline in the asset’s price in the short-term.
Also read: How eight state regulators orchestrated crypto lender Nexo’s takedown and why it matters
Bottom pattern indicates risk of Bitcoin price drop to $13,200
Analysts at crypto intelligence firm IntoTheCryptoverse evaluated the Bitcoin price trend. Analysts used the one-year running ROI indicator to identify a bottom pattern. Typically this pattern emerges when Bitcoin price hits a low a year after the market cycle top. In 2021, Bitcoin price hit $66,500 on October 20 and a new all-time high of $69,000 in November 2021.
Analysts argue that it is likely for ROI to plummet to 0.2 or lower in October 2022. An ROI of 0.2 corresponds to a price of $13,200.
BTC 365-day running ROI
Robert Kiyosaki urges traders to buy BTC
Robert Kiyosaki, American entrepreneur and author, told his 2.1 million followers that prices of assets considered as “safe haven” like Gold, Silver and Bitcoin will continue declining as the U.S. dollar strengthens, proving its worth once the “FED pivots” and drops interest rates.
Kiyosaki believes this pivot could come as soon as January 2023 and the US dollar could “crash” in the same way as the recently collapsed English Pound Sterling. Kiyosaki argues,
Will the US dollar follow English Pound Sterling? I believe it will. I believe the US dollar will crash by January 2023 after the Fed pivots.
Crypto Faibik, a crypto educator and analyst has evaluated the Bitcoin price trend and predicted a lower low before a recovery in BTC. Facebook argues Bitcoin needs to sustain above the $18,400 level to recover. If Bitcoin plummets below its support, the asset is at a risk of 30% decline.
BTC-USDT perpetual contracts
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.