Bitcoin (BTC) forming bear trap, Robert Kiyosaki picks silver as the best investment

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%

Samson Mow, CEO at JAN3, believes that the present state of the Bitcoin market can be defined as a bear trap. This term in technical analysis denotes a trading signal which usually occurs when an asset seems to be steadily decreasing in price.

As traders observe this downward trend, they might anticipate further decline and decide to open short positions against that asset. However, contrary to expectations, the price chart shows a sudden reversal, with the asset now surging back up.

A bear trap can form due to several factors, such as a shift in market sentiment, manipulation attempts by large traders known as whales, or developments in the regulatory sphere.

Over the past two days, Bitcoin has shed more than 4% of its market value, sliding from the $87,500 zone down to $83,800, the level where it is changing hands at the moment. On Friday, BTC attempted to recover, adding almost 1% in the space of a few hours, but sellers pushed it back down to the same point.

If Mow’s prediction proves correct, then Bitcoin should stage a harsh reverse soon, pushing upward and leaving short sellers with huge 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 will be performing better than Bitcoin and gold for the next few months.

Kiyosaki is a well-known Bitcoin supporter. In his tweets, he often recommends that his followers accumulate BTC, claiming that it will make them rich in the future. However, before he started recommending Bitcoin, he used to recommend 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 perform better than gold and Bitcoin for the next two months or so. He believes that silver will hit a new all-time high this year — $75 — and then $200 in a year or two due to the rapidly rising industrial demand for the metal.

Currently, silver is trading at $35 per ounce.