- BTC could reach $350,000 within two months, per Kiyosaki.
- However, the level is far too high to be reached statistically in 2024.
Industry titans and market analysts expect this Bitcoin [BTC] to break the current price consolidation range of $60,000 – $71,000 before the end of the year. For Galaxy Digital’s Mike Novogratz: late 2024 goal was $100K if the $73K ATH was cleared.
Another crypto analyst, Plan Bsaw $500,000 per BTC as a possible celebration in the current market bull run.
However, Rober Kiyosaki, an entrepreneur and author of ‘Rich Dad, Poor Dad’, has made a bold statement prediction – $350,000 per BTC in the next two months.
“BITCOIN will hit $350,000 on August 25, 2024, that’s not a lie. It’s a prediction. It’s speculation, it’s opinion, but it’s not a lie.”
Kiyosaki added that the prediction was possible because of “the incompetence of our leaders, President Biden, Treasury Secretary Yellin and Fed Chairman Powell.”
Is $350,000 per BTC too optimistic?
However, another renowned crypto analyst, Willy Woo, found Kiyosaki’s projection too bold to be realized in such a short time frame. The move to $350,000 per BTC would mean 5x in two months.
Maybe in 2025, Woo noted,
‘Statistically possible in 2025 if the monetary reduction is resumed. Almost no chance in 2024 outside of a bullish black swan.”
The Stock-to-Flow (S2F) model is interesting confirmed Woo’s argument and predicted that $350,000 per BTC would not be possible until March 2025.
Source: Look at Bitcoin
The S2F model, based on BTC’s supply schedule, has historically predicted BTC’s future price prospects fairly well. As BTC mined decreases over time, the BTC supply also decreases and the value of the S2F ratio increases over time.
That is why, according to the model, the value of BTC is expected to rise as its supply decreases in the future. Based on the model, BTC could reach $80,000 – $85,000 by August 2024, as opposed to the $350,000 Kiyosaki predicted.
Source: BTC/USDT, TradingView
In the meantime, BTC could return to short-term demand, which was previously a supply of around $70,000 before moving further towards the $72,000 mark.
Coinglass liquidity data supported the scenario, showing key price action magnetic levels at $70K and $72.3K, as evidenced by the orange levels.
Source: Coinglass