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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 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.
Bitcoin forming bear trap
Samson Mow has described the current situation in the Bitcoin market as a “bear trap.” This trading signal shows up when an asset seems to be in a steady decline. Seeing it happening, traders often begin to short that asset as they expect it to decline further. However, what the price does instead is that it makes a sudden reverse and surges back up.A bear trap can usually form for several reasons — when the market sentiment shifts, due to manipulation coming from whales, or due to regulatory developments. Over the past two days, Bitcoin has lost more than 4% of its market value, plunging from the $87,500 zone down to $83,800, where it is changing hands at the moment. On Friday, BTC attempted to rise, gaining almost 1%, but then it was pulled back to where it started from.
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
Famous investor and the author of the classic book on finance management “Rich Dad Poor Dad,” Robert Kiyosaki has recently shared a tweet in which he named an asset he believes to be better than Bitcoin and gold for the next few months.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.