Robert Kiyosaki On Why Bitcoin Plunging Below $30,000 Will Make It An Attractive Buy

Robert Kiyosaki, the author behind the famous finance book ‘Rich Dad Poor Dad’ has been a vocal Bitcoiner over the past years. The author, who has stacked some Bitcoin under his belt last year, has been an evangelist in the Bitcoin community, often urging other investors to hold and persist, while simultaneously highlighting the downsides of the traditional market. In a recent tweet, Kiyosaki spills a not-so-popular opinion on why Bitcoin plunging below $30,000 is attractive.

Kiyosaki, who recently revealed he bought Bitcoin at a price of $9000 when the COVID-19 pandemic hit the global economy, spotted an entry point at one of the lowest price levels Bitcoin has tested this year. He also chimes in on why he believes neither Bitcoin nor gold is the villain in the struggling economy.

His tweet reads: 

“Bitcoin crashing. Great news. When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.”

The future of the Bitcoin market

As the market takes a sideways move, Bitcoiners are rightfully at alert, waiting to see where the bulls settle, to ultimately aid them in their buying decisions. The market began correcting from its two weeks bloodbath very recently, as Bitcoin retested $40,000 multiple times last week. But the bears were unable to sustain the bullish momentum and the flagship asset crumbled below $35,000.

BTCUSD Chart By TradingView

However, at the time of this report, Bitcoin is headed for what could be considered a short-term correction, one that analysts had predicted earlier this week, that could potentially send prices to $40,000 once again, after breaking barriers at its current price of $36,745.

Many fundamental factors are dictating the price movement of Bitcoin. The recent crackdown from China sent the market to the lowest prices seen this month, while the recent surge in OTC trading is expected to boost the market’s stability in the long run.

However, over-leveraged positions have continuously gotten liquidated as fear and panic cloud the market, causing prices to tank yet again. Most recently, the clarification from the Indian government on the inexistence of a crypto ban is bullish for the market in the weeks to come, as Indian investors make their way back into the market with full force.