December 6, 2022

Can Bitcoin Hit $30,000 This Month?

The cryptocurrency market was slightly bearish during the early European session. The global crypto market cap fell from $944 billion to $936 billion. Bitcoin, the leading cryptocurrency, is still trading near $19,349.19, down 0.88% so far. 

Similarly, Ethereum is trading sideways, with a price range of $1,325 to $1,298.

However, some altcoins are trading noticeably bullish. They include TerraClassicUSD. This coin has increased by more than 35% in the last 24 hours. Another is Huobi Token which has increased by 20% to trade at $4.97. 

Maker is also in the spotlight for achieving more than a 17% weekly gain.

Bitcoin Price

The current Bitcoin price is $19,351.72, and the 24-hour trading volume is $20.35 billion. Bitcoin has fallen by 0.88% in the last 24 hours.

Robert Kiyosaki, is a financial expert. He is widely known as the author of the financial bestseller “Rich Dad, Poor Dad.” This book has been a prominent proponent of Bitcoin for several years. 

Now he’s taking to Twitter to foretell the imminent collapse of the US dollar and economy. He is declaring that Bitcoin, gold, and silver are the only safe investments left.

Despite rising food and gas prices, Kiyosaki tweeted that the average person still can’t comprehend the big-picture of the economy. 

The time has come to stockpile not just Bitcoin but also precious metals like silver and gold.

Robert’s Take On Bitcoin And USD

Kiyosaki has been anticipating the collapse of the USD since the beginning of the pandemic two years ago. This was when the Federal Reserve printed more than $6 trillion.

The Federal Reserve has raised interest rates multiple times this year, with some of the increases being the largest in decades. 

He has been predicting the crash of financial markets alongside the decline of the USD. He called it the largest crash since the 1990s.

As seen in the aforementioned tweet, the “Rich Dad, Poor Dad” author is placing another silver wager. Because of its many applications, he gives yet another prediction. He predicts that the price of this precious metal will continue to rise over the coming years.

Holders Exhibit Confidence

According to crypto analytics platform Santiment, Bitcoin holders have taken thousands of dollars worth of BTC out of cryptocurrency exchanges in a single day. 

During the previous week, cryptocurrency exchanges saw a significant outflow of cryptocurrencies. 

The sudden transfer of large amounts of BTC indicates that traders are bullish. Especially, on the leading cryptocurrency heading into the year’s final quarter.

According to Santiment, the supply of Bitcoin on all cryptocurrency exchanges has dropped. They dropped to levels not seen since the peak of the 2018 crypto bear market, indicating trader optimism.

Furthermore, according to the analytics firm, the decreasing supply of BTC on cryptocurrency exchanges reduces the likelihood of a market-wide sell-off. 

Bitcoin Price Prediction & Technical Outlook

Bitcoin is projected to find immediate support near $18,970 and resistance near $19,950 on the technical front. The BTC is still bearish, with the 50-day moving average (MA) presenting substantial resistance near $19,950.

A descending triangle pattern remains in place on the daily chart. And it is expected to keep Bitcoin bearish until BTC breaks out of the $20,275 resistance level. 

Bitcoin has the ability to challenge the next resistance level of $21,905 or $22,760 if it rises above $20,475. A fall below $18,970 support, on the other hand, may bring BTC to $18416.59 or $17,709 levels.

Given the Federal Reserve’s rate hike sentiment in the midst of a stronger-than-expected labor market and inflation figures, Bitcoin does not appear to be heading for $30,000 this month.

Augustine Ojeh

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