Robert Kiyosaki, the prominent investor and famous author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has been an ardent proponent of Bitcoin (BTC) since at least 2017.
He has also been recommending cryptocurrency, which he has termed the ‘people’s money,’ both in the leadup and throughout the 2024 bull market.
Most recently, Kiyosaki again took to X – as he frequently does – to share his opinion on what savvy investors ought to do during the month of ‘Uptober.’ Specifically, the author urged his followers to buy the coin, saying it is either that or ‘Bye-Buy.’
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The contents and timing of the post indicate that Kiyosaki believes that the press time downturn is actually a ‘buy the dip’ chance for the world’s premier cryptocurrency and that the usual October rally – simultaneously the origin of the nickname ‘Uptober’ – will not only take place but be substantial.
Why the October ups and downs matter for Bitcoin
Robert Kiyosaki’s X post came at a tense time for cryptocurrency traders. Indeed, BTC started surging on October 10 after briefly collapsing below $59,000. This sparked hopes that a rally to a new high – possibly as high as $100,000 – has finally started after months of volatility and sideways trading.
The uptrend was widely interpreted as particularly significant for multiple reasons. October has historically served as a month of strong Bitcoin performance and as a prelude to a longer bullish period, usually considered to last from the end of the month to May.
It also came after a strong end to September and a sudden price collapse early in the tenth month due to geopolitical shocks, alleviating the early concerns that ‘Uptober’ might be spoiled.
Finally, and perhaps most notably, the rally confirmed that the summertime bearish trend of Bitcoin moving from a lower high to a lower low was ended and that the cryptocurrency’s path toward new highs again lay open.
What’s next for Bitcoin
Still, despite Robert Kiyosaki’s tweet serving as some additional reassurance for Bitcoin hopefuls, the coin’s future is not yet entirely certain.
Indeed, unlike some other analysts and experts, Kiyosaki is permanently bullish about BTC and sees it – along with gold and silver – as a prime haven from the ravages of a likely upcoming economic crisis.
Despite the positive trend and the overall expectation that the press-time downturn is but a correction before the next rally, cryptocurrency markets are notoriously volatile and – as the October 1 attack and crash proved – highly susceptible to external shocks.
Still, multiple finance experts and investment veterans have, responding to a Finbold inquiry, expressed their belief that despite the ups and downs, Bitcoin remains in an uptrend and might rise above $85,000 by Halloween.
BTC price chart
Finally, the most recent downturn remains of some concern. Indeed, despite the previously strong rally, Bitcoin is 2.09% in the red in the 5-day chart and, at its press time of $66,404 price of $66,404, stands 4% – $3,000 – below the highs it was at just three days earlier.
On the other hand, despite the turmoil and the months of sideways trading, BTC’s performance in 2024 remains strong, and the coin remains, by press time on October 23, 59.62% up year-to-date (YTD).
Featured image via Cavaleria Com YouTube
