NBA legend Scottie Pippen is warning cryptocurrency investors about bear traps in Bitcoin (BTC) that no one saw coming a year ago.
In his latest post on X, Pippen warned his followers that the current decline in the price of the leading cryptocurrency is nothing more than a bear trap - an event on financial markets when a price dip is artificially created to make everyone believe that the asset is about to dump hard and open short, only to later short squeeze and liquidate all sellers with a sudden upward move.
For Pippen, this is a situation where, as he says, "they want your Bitcoin and they want your crypto." Who "they" are is not clarified, but the basketball player urges not to "get shaken out" during the current price slump.
They want your Bitcoin. They want your crypto. Don’t get shaken out. pic.twitter.com/VrV4P5alwv
As can be seen on a chart attached to Pippen's post, those who survive this bear trap may hope for a period of renewed optimism on the back of rising prices.
All of this can lead to a "fear of missing out" among those who did not join the rally earlier and experience the euphoria. This is when, according to the chart, the price of Bitcoin will hit its peak and enter a bearish mode, ending in despair.
It will be interesting to see if Pippen's predictions come true. If he is right, the market has probably found its new, quite unexpected, prophet.
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