As bitcoin (BTC) hovers around $114,000, some financial market experts are hoping that it will drop below the $100,000 price mark this month. This way, they can accumulate even bigger bags of the apex cryptocurrency.
Renowned author Robert Kiyosaki is one of those nurturing this idea. He noted in a recent tweet that he expects BTC to drop to as low as $90,000. His speculation is not far-fetched, as bitcoin has historically plummeted significantly every August.
What Could Trigger BTC Dump?
According to on-chain data from the blockchain analytics platform CoinGlass, bitcoin has recorded severe price declines in most Augusts since 2014. For instance, the leading cryptocurrency lost over 13% of its value in August 2022. It also experienced an 11.29% price drop in August 2023. Although last year’s price decrease was less than the earlier years, the cryptocurrency saw an 8.6% price decrease.
Tagging this historical price decline as the “Bitcoin August Curse,” Kiyosaki explained that he is ready to bolster his BTC stash by 2x if the historical price decline occurs.
Highlighting what could trigger the dump this month, the renowned author pointed to the United States government.
“The problem is not Bitcoin. The real problem is our multi trillion dollar debt and incompetent PhDs running “the SWAMP” the Fed and our Treasury,” he said.
According to Kiyosaki, the government has minimal knowledge about Bitcoin and the broader crypto industry. As a result, their decisions, which affect the U.S. financial market, can have a ripple effect on digital assets like BTC.
Ending his tweet on a good note, Kiyosaki stated that bitcoin’s sudden drop to as low as $90,000 will make those who invest in the cryptocurrency richer.
BTC Trades Around $114K
On July 14th, BTC recorded a new all-time high (ATH) above $123,000. This price pump was fueled by various events, such as the steady BTC treasury strategy implemented by public companies.
Since then, however, the leading cryptocurrency has dropped substantially as it dipped below $112,000 during the weekend. Although it has recovered some ground, it’s still more than 6% away from its peak value, with a current valuation of $114,500.
The post Robert Kiyosaki Hopes Bitcoin Drops to $90K in August: Here’s Why appeared first on CryptoPotato.
