Bitcoin (BTC) forming bear trap as the world’s largest cryptocurrency keeps dropping and has lost 4.3%

U.Today - Samson Mow, the CEO at JAN3, has shared his take on the current Bitcoin situation in the market as the world’s largest cryptocurrency

Samson Mow, the CEO at JAN3, has shared his take on the current Bitcoin (BTC) situation in the market as the world’s largest cryptocurrency keeps dropping and has lost 4.3% in the past two days.

Mow is also widely known for his frequent predictions that Bitcoin will reach $1 million per coin in the near future.

According to a recent post on X, formerly Twitter, Mow believes that Bitcoin is forming a "bear trap" at the moment and will soon stage a sharp recovery. As the price keeps falling, more and more traders are opening short positions, betting on the continuation of the downward movement.

If Mow proves right, Bitcoin should stage a harsh reverse soon, pushing upward and leaving short sellers counting losses on their trading accounts.

This asset can outperform Bitcoin briefly, per Kiyosaki

As for another optimistic take on the market, it comes from Robert Kiyosaki, the author of the best-selling book Rich Dad Poor Dad.

Kiyosaki is a well-known Bitcoin advocate. In his tweets, he frequently recommends that his followers accumulate BTC, claiming that it will make them rich in the future. However, before he started advocating Bitcoin, he recommended the same regarding gold and silver in their physical form — bullions, coins and so on.

However, this week, Kiyosaki stated that he expects silver to be better than gold and Bitcoin for the next two months or so. He believes that silver will reach a new all-time high this year — $75 and then hit $200 in a year or two due to the rapidly rising industrial demand. Currently, silver is trading at $35 per ounce.