Robert Kiyosaki warns of a Bitcoin August Curse but sees it as a chance for investors to buy more amid possible price dips this month.
Well-known investor and wealthy father, Author Robert Kiyosaki of Poor Dad, predicts that the “Bitcoin August Curse” will cause the price of Bitcoin to drop this month.
Kiyosaki, however, sees this fall as a potential chance to increase his Bitcoin holdings. Will this dip in August prove to be a boon or a bane?
Robert Kiyosaki Predicts Another Bitcoin Crash In August
Despite solid prior patterns, August is renowned for its Bitcoin price falls, which frequently result in large losses.
Robert Kiyosaki highlighted the importance of the possible August drop in the price of Bitcoin in a recent X article.
Robert Kiyosaki predicts that Bitcoin might drop from its present price of $114,000 to less than $90,000.
He did, however, note that if the August curse affects the price of Bitcoin, he intends to double his present holdings.
“I stand by to double my position today if the Bitcoin August Curse strikes and Bitcoin crashes,” he added.
Kiyosaki had previously warned of an imminent financial collapse that would affect Bitcoin as well.
According to CoinGape, “bubbles are about to start busting.”
This warning revealed weaknesses in the US economy at a time when the country’s national debt was skyrocketing at $37 trillion and Treasury yields were climbing.
He claims that the enormous national debt and the ineptitude of people in charge of the Federal Reserve and the Treasury are the true problems, not Bitcoin.
He thinks that most Bitcoin investors will end up richer as a result of the August Curse.
Is August Going To See Bitcoin Crash?
Despite the general direction of the market, August has historically been a difficult month for Bitcoin, frequently characterized by substantial price declines.
The pioneer cryptocurrency’s August returns average a loss of 7.87%, according to CryptoRank data.
Notably, the cryptocurrency has had severe drops in August in a few early years, including 2011, 2014, and 2015.
It nonetheless saw significant declines of 14% and 11.2%, respectively, even in years like 2022 and 2023 that were comparatively better.
Some analysts have forecast possible losses in August due to this tendency.
According to reports, the months of August through September are known as “devilish months” because of the 67% possibility of price declines.
Notably, post-halving years have occasionally deviated from this pattern, with double-digit increases in August 2013, 2017, and 2021.
This month’s drab start for Bitcoin and other cryptocurrencies added to the rumors of an August slump.
Following the poor US job data on August 1, the cryptocurrency market crashed, with the price of Bitcoin falling below $113k.
The market shakeout significantly impacted long positions, leading to $726 million in liquidations.
However, according to Robert Kiyosaki, the possible August decline in the price of Bitcoin might be a boon.
The majority of investors may eventually profit from the downturn since it will present more possibilities for purchases.
