Bitcoin dropped to $33,064 below its peak and could continue to fall due the negative sentiment that is sweeping the markets.
Robert Kiyosaki says he’d buy more BTC if prices sink to retest the $20,000 region.
“Rich Dad, Poor Dad” author Robert Kiyosaki says he’s ready to add to his Bitcoin holdings if further declines in the benchmark crypto’s value take it to prices around $20,000.
This was the opinion of a bestselling author and a prominent crypto proponent, as bulls fought to keep prices above $34,000 on Monday.
But Bitcoin has slipped to lows of $33,600 in intraday trades, the sharp sell-off coming off the back of a brutal week where the flagship cryptocurrency’s value tanked below the key support levels of $40,000 and $37,300.
Kiyosaki says a fresh downturn that intensifies the losses will be “great news.” According to him, this would offer a buy-the-dip opportunity he will seek to exploit.
“Your profits are made when you buy, not when you sell,” he offered in his ‘Words of Wisdom’ tweet.
Rich Global LLC founder and US businessman, Rich Global LLC, revealed that he purchased Bitcoin twice before. The first time was when it traded at $6,000 and the second time at $9,000.
“I will buy more if and when BC tests $20k,” he added, striking an optimistic outlook for the market.
The investor has been previously explainedHe distrusted the legacy financial system and predicted a crash of the US dollar.
WOW:Words of Wisdom “Your profits are made when you buy, not when you sell.” Price of Bitcoin crashing. This is great news. BC cost $6K and 9K. If BC reaches $20k, I will purchase more. The time is now to be richer. Today’s best deal on silver Silver still at 50% of its highest.
— therealkiyosaki (@theRealKiyosaki) January 24, 2022
Kiyosaki had predicted that BTC prices would reach $75,000 by May 2020. The target was not met when prices reached $69,000.
The bitcoin price is down more than half since November’s ATH. Some believe that the crypto bubble may have burst. However, according to Digital Chamber founder Perianne Boring, “volatility is not necessarily a bad thing.”
Speaking to CNBC’s “Squawk Box” she added:
“It’s normal to see 30-50% volatility in the crypto markets in any given month. The markets are behaving just as expected.”
In her view, Bitcoin price will likely rebound higher given the cryptocurrency’s fundamentals “are as strong as ever.”
BTC/USD is currently trading at $33,833, which is down about 6% over 24 hours, and more than 21% this past week. BTC’s intraday lowest point since July 2021 is $33,064