- The Bitcoin maximalist posted that Bitcoin would hit $100,000 within the next four months.
- An important on-chain metric suggested that BTC’s long-term potential remained bullish.
Robert Kiyosaki, author of the “Rich Dad, Poor Dad” book, expects Bitcoin [BTC] to hit $100,000 by June 2024. Kiyosaki mentioned this in a post on the 18th of February.
Over the years, the New York best-selling author has never hidden his admiration for Bitcoin.
However, his recent post on X (formerly Twitter) did not highlight how the price might hit the milestone.
AMBCrypto checked comments on the post and observed that some aligned with his forecast, while others tagged it “impossible.”
Source: X
This was not the first time Kiyosaki had predicted a bullish BTC thesis. In October 2023, the analyst shared his expectations about Bitcoin’s price. At that time, he noted that the coin would hit $135,000.
But the difference between then and the recent prediction was that he did not give a timeframe earlier.
A 2x is not impossible
Bitcoin’s price at press time was $52,164, meaning that its value has increased by 25.34% in the last 30 days. If we were to go by Kiyosaki’s projection, then BTC would increase by almost 2x within the next four months.
A few days back, AMBCrypto reported that some metrics had flashed signs of a new All-Time High (ATH). But unlike the author’s post, the timeframe for the projected ATH was six months. Since the next Bitcoin halving was close, we decided to look at the chances of the coin hitting $100,000.
To do this, AMBCrypto employed that Market Cap to Thermocap ratio. This metric can identify if an asset is trading at a premium concerning the total security spent by miners.
A high value of the Market Cap to Thermocap ratio has historically signaled that Bitcoin was near its top.
Source: Glassnode
For example, the metric was 0.0000043 around December 2017. During that time, BTC changed hands at $16,000. But a year later, the price of the coin tumbled and hit $3,450.
At press time, the Market Cap to Thermocap ratio was $0.00000089, indicating that BTC still offered a buying opportunity.
Is the top is miles away?
With this value, there is a high chance that Bitcoin’s price will cross its previous ATH in a few months. However, it remains uncertain if the coin will hit the six-figure mark by then.
Another metric that gives insight into Bitcoin’s price potential is the Market Value to Realized Value (MVRV) ratio.
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 holds large unrealized profit.
However, low values suggest an increase in large unrealized losses.
Source: Santiment
Read Bitcoin’s [BTC] Price Prediction 2023-2024
At press time, on-chain data showed that Bitcoin’s 30-day MVRV ratio was 12.97%. Though this indicated some unrealized profits, it might not lead to heavy distribution.
Therefore, one can conclude that Bitcoin is not in a late-stage bull cycle, and the price might rise much higher within the next few months.