BTCUSD: Rich Dad Says Buy

Robert Kiyosaki, the author of "Rich Dad Poor Dad," has updated his bitcoin price forecast, now projecting the cryptocurrency to hit $100,000 by September. He plans to acquire more bitcoin before April, attributing his decision to the upcoming halving event. Kiyosaki advises investors to consider adding bitcoin to their portfolios and suggests silver as an alternative investment. He underscores the importance of taking action and acquiring real assets like silver and bitcoin. Kiyosaki has been increasingly vocal about his support for BTC, urging investors to buy as much as they can afford and predicting a $300,000 price target for this year. Let’s see if the technical factors agree with Robert’s point-of-view.

BTCUSD - D1 Timeframe

Bitcoin (BTCUSD) as seen on the daily timeframe chart above is currently in an overall uptrend - as defined by the consecutive higher highs and lows, as well as the bullish array of the moving averages. There is also a trendline support on the daily timeframe, though I do not expect price to drop that far in the meantime.

BTCUSD - H1 Timeframe

The trendline support on the 1-hour timeframe seems more feasible as a target for the resumption of bullish pressure due to the fact that the trendline aligns perfectly with the 100-period moving average, as well as a drop-base-rally demand zone. In line with this, my sentiment on BTCUSD remains clearly bullish.

Analyst’s Expectations: 

Direction: Bullish

Target: $75,000

Invalidation: $68,000

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

You can access more of such trade ideas and prompt market updates on the telegram channel.

Author: Adetola-Freeman Ogunkunle

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