Forex Analysis & Reviews: 29.05.2023 - Robert Kiyosaki considers...

29.05.2023 03:56 PM

Robert Kiyosaki considers U.S. bankrupt, urges investing in metals and Bitcoin

The Bitcoin rate has stalled around a fairly strong resistance level, as has Ethereum. But before discussing the technical picture, I would like to say a few words about how renowned writer and author of the book "Rich Dad Poor Dad," Robert Kiyosaki, views the U.S. debt crisis and the prolonged debt ceiling negotiations. "Politicians debating raising $30 trillion U.S. debt limit bad comedy, 'Kabuki theater," said Kiyosaki.

In his opinion, the U.S. is bankrupt. Unfunded liabilities amount to over $250 trillion. "Financial market 'derivative assets' measured in quadrillions ... thousands of trillions," he wrote on one of the well-known social networks.

Kiyosaki once again urged people to buy gold, silver, and Bitcoin. The well-known author previously explained that these three investments are best suited for the unstable times we are currently experiencing. Kiyosaki believes that U.S. national debt far exceeds the commonly mentioned figure of $31.4 trillion, indicating a more severe economic situation than is actually acknowledged. According to him, the unaccounted-for or unfunded obligations of the U.S. amount to over $250 trillion.

As early as March of this year, the author of the book "Rich Dad Poor Dad" predicted that the next crash would be in the $1 quadrillion derivatives market. He warned that an increase in the Federal Reserve's interest rate would crash stocks, bonds, real estate, and even the U.S. dollar.

However, for the sake of peace, his post-apocalyptic forecasts have not yet come true, and if anything did happen, it did not seriously impact the market and the economy. Nevertheless, it is worth listening to his recommendations to invest in gold, silver, and Bitcoin, as in the current conditions of the "unfolding" American economy and high interest rates, the metals market and the cryptocurrency market have good growth potential in the next year and a half.

At the end of last week, Kiyosaki expressed concern about the recession in Germany, warning that the U.S. could be next. According to recent data, the German economy experienced a technical recession in the first quarter of this year, but nothing serious happened. Inflation is gradually decreasing, and the activity in the service sector is showing stability, which will help to revive the economy even amid a decline in manufacturing activity. There is no reason to panic here.

The famous author is currently more concerned about the banking crisis, which has bypassed the EU, affecting only one Swiss bank, and even then indirectly. In any case, investing in the cryptocurrency market, which is gradually moving away from the crypto winter, is a quite promising endeavor if one does not try to snatch profits "here and now" but acts wisely and with a long-term perspective.

As for today's technical picture of Bitcoin, it is only possible to talk about further growth in the current circumstances after the $27,500 level is defended. Only then will there be a chance to establish a bullish market with the prospect of reaching $28,200 and $29,000. The ultimate target will be the $31,000 area, where significant profit-taking and a Bitcoin retracement may occur. The focus will be on defending the $27,500 level, followed by $26,700. A breakthrough of this level will be a blow to the asset, paving the way for $25,800. Breaking through this level will "drop" the world's first cryptocurrency to around $23,900.

The focus for Ethereum buyers remains on defending the nearest support at $1,790 and reclaiming the resistance at $1,920. Only after that can we expect a move towards $2,030, which will allow the bullish trend to continue and lead to a new surge in Ethereum to around $2,130. If selling pressure returns to ETH, the $1,790 level will come into play, and a breakthrough of this level will lead to a test of $1,690. Below, the area around $1,640 is visible. Breaking through it will push the trading instrument to a low of $1,570.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.