Key Points
Robert Kiyosaki, the renowned author of “Rich Dad, Poor Dad”, has predicted that Bitcoin will reach a value of $100,000 by June 2024. This prediction was made in a post on February 18th.
Kiyosaki has consistently expressed his admiration for Bitcoin over the years. However, in his recent post, he did not outline how Bitcoin would achieve this price milestone.
Market Reactions and Previous Predictions
Responses to Kiyosaki’s post were mixed, with some agreeing with his prediction, while others deemed it unrealistic. This isn’t the first time Kiyosaki has made bullish predictions about Bitcoin. In October 2023, he suggested that Bitcoin would reach $135,000, although he didn’t specify a timeframe.
At the time of writing, Bitcoin’s price is $52,164, having increased by 25.34% over the past 30 days. If Kiyosaki’s prediction proves accurate, Bitcoin’s value would nearly double in the next four months.
Recently, some metrics indicated potential for a new all-time high (ATH) for Bitcoin. However, the projected timeframe for this ATH was six months, not four. With the next Bitcoin halving approaching, the likelihood of Bitcoin reaching $100,000 was examined.
The Market Cap to Thermocap ratio was used to assess this. This metric can determine if an asset is trading at a premium relative to the total security spent by miners. Historically, a high Market Cap to Thermocap ratio has indicated that Bitcoin was nearing its top.
For instance, in December 2017, the ratio was 0.0000043, and Bitcoin was trading at $16,000. A year later, Bitcoin’s price had fallen to $3,450. Currently, the Market Cap to Thermocap ratio is $0.00000089, suggesting that Bitcoin remains a viable investment.
This ratio implies that Bitcoin’s price could surpass its previous ATH in the coming months. However, it’s unclear if Bitcoin will reach the six-figure mark in that timeframe.
Another useful metric is the Market Value to Realized Value (MVRV) ratio. Like the Market Cap to Thermocap ratio, the MVRV can function as a macro oscillator, identifying market tops and bottoms. High MVRV values indicate significant unrealized profit in the market, while low values suggest large unrealized losses.
At present, on-chain data shows that Bitcoin’s 30-day MVRV ratio is 12.97%. While this suggests some unrealized profits, it’s unlikely to result in heavy distribution. Therefore, it’s plausible to conclude that Bitcoin is not in a late-stage bull cycle and its price could rise significantly in the next few months.
