- The Bitcoin maximalist reported that Bitcoin would reach $100,000 within the next four months.
- A key on-chain metric suggested that BTC’s long-term potential remained bullish.
Robert Kiyosaki, author of the book ‘Rich Dad, Poor Dad’, expects Bitcoin [BTC] to reach $100,000 by June 2024. Kiyosaki mentioned this in a post on February 18.
Over the years, the New York bestselling author has never hidden his admiration for Bitcoin.
However, his recent post on X (formerly Twitter) did not highlight how the price could reach the milestone.
AMBCrypto checked the comments on the post and noted that some were in line with his prediction, while others labeled it “impossible.”
Source:
This wasn’t the first time Kiyosaki predicted a bullish BTC thesis. In October 2023, the analyst shared his expectations about the price of Bitcoin. At that time he noted that the coin would reach $135,000.
But the difference between then and the recent prediction was that he did not give an earlier time frame.
A 2x is not impossible
The price of Bitcoin at the time of writing was $52,164, meaning its value has increased by 25.34% in the last 30 days. If we were to follow Kiyosaki’s projection, BTC would rise almost 2x within the next four months.
A few days ago, AMBCrypto reported that some metrics showed signs of a new All-Time High (ATH). But contrary to the author’s post, the time frame for the expected ATH was six months. Since the next Bitcoin halving was close, we decided to look at the chances of the coin reaching $100,000.
To do this, AMBCrypto used the ratio of market cap to thermocap. This metric can determine whether an asset is trading at a premium to the total security issued by miners.
A high value of the market cap to thermocap ratio has historically indicated that Bitcoin was near its top.
Source: Glassnode
For example, the metric was 0.0000043 around December 2017. During that time, BTC changed hands for $16,000. But a year later, the coin’s price plummeted, reaching $3,450.
At the time of writing, the ratio of market cap to Thermocap was $0.00000089, indicating that BTC still offered a buying opportunity.
Is the summit miles away?
At this value, there is a good chance that Bitcoin’s price will exceed its previous ATH within a few months. However, it remains uncertain whether the coin will reach the six-figure mark by then.
Another metric that provides insight into Bitcoin’s price potential is the market value to realized value ratio (MVRV).
Like the market cap to thermocap ratio, the MVRV can serve as a macro oscillator, used to identify tops and bottoms. High values of the metric indicate that the market is making large unrealized gains.
However, low values indicate an increase in large unrealized losses.
Source: Santiment
Read Bitcoin’s [BTC] Price forecast 2023-2024
At the time of writing: data about the chain showed that Bitcoin’s 30-day MVRV ratio was 12.97%. While this indicated unrealized gains, it may not have led to heavy distribution.
Therefore, one can conclude that Bitcoin is not in the late stages of a bull cycle and its price could rise much higher in the coming months.