- The Bitcoin maximalist posted that Bitcoin would hit $100,000 inside the subsequent 4 months.
- An essential on-chain metric urged that BTC’s long-term potential remained bullish.
Robert Kiyosaki, writer of the “Wealthy Dad, Poor Dad” e book, expects Bitcoin [BTC] to hit $100,000 by June 2024. Kiyosaki talked about this in a put up on the 18th of February.
Over time, the New York best-selling writer has by no means hidden his admiration for Bitcoin.
Nonetheless, his latest put up on X (previously Twitter) didn’t spotlight how the worth would possibly hit the milestone.
AMBCrypto checked feedback on the put up and noticed that some aligned together with his forecast, whereas others tagged it “not possible.”
Supply: X
This was not the primary time Kiyosaki had predicted a bullish BTC thesis. In October 2023, the analyst shared his expectations about Bitcoin’s value. At the moment, he famous that the coin would hit $135,000.
However the distinction between then and the latest prediction was that he didn’t give a timeframe earlier.
A 2x will not be not possible
Bitcoin’s value at press time was $52,164, which means that its worth has elevated by 25.34% within the final 30 days. If we had been to go by Kiyosaki’s projection, then BTC would enhance by virtually 2x inside the subsequent 4 months.
Just a few days again, AMBCrypto reported that some metrics had flashed indicators of a brand new All-Time Excessive (ATH). However in contrast to the writer’s put up, the timeframe for the projected ATH was six months. Because the subsequent Bitcoin halving was shut, we determined to have a look at the probabilities of the coin hitting $100,000.
To do that, AMBCrypto employed that Market Cap to Thermocap ratio. This metric can establish if an asset is buying and selling at a premium in regards to the whole safety spent by miners.
A excessive worth of the Market Cap to Thermocap ratio has traditionally signaled that Bitcoin was close to its prime.
Supply: Glassnode
For instance, the metric was 0.0000043 round December 2017. Throughout that point, BTC modified fingers at $16,000. However a 12 months later, the worth of the coin tumbled and hit $3,450.
At press time, the Market Cap to Thermocap ratio was $0.00000089, indicating that BTC nonetheless supplied a shopping for alternative.
Is the highest is miles away?
With this worth, there’s a excessive probability that Bitcoin’s value will cross its earlier ATH in a number of months. Nonetheless, it stays unsure if the coin will hit the six-figure mark by then.
One other metric that provides perception into Bitcoin’s value potential is the Market Worth to Realized Worth (MVRV) ratio.
Just like the Market Cap to Thermocap ratio, the MVRV can function a macro oscillator, used to establish tops and bottoms. Excessive values of the metric point out that the market holds giant unrealized revenue.
Nonetheless, low values recommend a rise in giant unrealized losses.
Supply: Santiment
Learn Bitcoin’s [BTC] Price Prediction 2023-2024
At press time, on-chain knowledge showed that Bitcoin’s 30-day MVRV ratio was 12.97%. Although this indicated some unrealized earnings, it won’t result in heavy distribution.
Due to this fact, one can conclude that Bitcoin will not be in a late-stage bull cycle, and the worth would possibly rise a lot larger inside the subsequent few months.
