The crypto market is in turmoil as Bitcoin, Ethereum, and other larger cryptocurrencies return to levels last seen in 2020. The number one crypto by market cap lost critical support and descended to the lower area of its current levels.
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At the time of writing, Bitcoin trades at $23,300 with a 16% and 22% losses in the last 24-hours and 7-days, respectively. As the macro-economic outlook seems bleak, with an increase in inflation and U.S. Federal Reserve (FED) set at stopping it, conditions seem to favor the bears.
BTC trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview
As a result of the recent downside price action, some Bitcoin supporters have flipped and turned their attention to different assets. Robert Kiyosaki, the best-selling author of the financial book “Rich Dad, Poor Dad”, could be counted in this group.
Kiyosaki has been a long-term Bitcoin supporter. In 2021, he recommended his audience buy Bitcoin to hedge against a potential economic recession.
At the time, the author claimed that a “giant crash” and a “new depression” could hit the U.S. economy. The rise in U.S. dollar inflation, along with an increase in interest rates from the U.S. Federal Reserve (FED), hint at economic hurdles.
But Kiyosaki might not have stuck to his own advice, he posted the following via his personal Twitter account:
Best INVESTMENT: Cans of Tuna Fish. Inflation about to take off. Best investments are cans of tuna & baked beans. You can’t eat gold, silver, or Bitcoin. You can eat cans of tuna and baked beans. Food most important. Starvation next problem. Invest in the solution. Take care.
Some people replied believed Kiyosaki might have been joking. Others seem to have taken the advice to heart as they believe the global economy is about to enter a dark time.
Bitcoin Levels Of Support And Resistance
However, Kiyosaki already predicted a crash that could lead to an economic depression. Back in 2021, he said:
BIDEEN & FED need inflation to prevent New Depression. Inflation rips off the poor. Inflation makes rich richer. Biden and Fed corrupt. Prepare: Giant crash then new depression. Be smart Buy, gold, silver, Bitcoin.
The fundamentals that prompted Kiyosaki to trust BTC as a good investment seem to be valid: the cryptocurrency is a way to opt out of the FED-controlled economy and gain more financial freedom.
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At the time of writing, Bitcoin’s order book on Binance looks thin in either direction. There are $7 million in bids around $22,000 and $11 million in asks orders at $26,500. A break below or above either could determine BTC’s price next trend.