Joe007, a well-known Bitfinex trader known for holding huge positions in the price of Bitcoin (BTC), announced that he believes Uniswap’s UNI governance token is overvalued. Responding to a follower, Joe007 used the term “Overvalued” for UNI.
Joe007 is commonly known for his bearish thoughts on bullish for bitcoin and bitfinex and on altcoins. Trader responded to a user on social media asking for his thoughts on the UNI token. At that time, the market value of the token was around $ 750 million as its price rose shortly after its launch.
Specifically, the price of the cryptocurrency dropped to $ 4.58, according to CryptoCompare data, after reaching an all-time high of $ 8.5 on the day of Joe’s comment. The market cap of the cryptocurrency at the time of writing was $ 443 million.
UNI Price Analysis
UNI / USD settled above the bearish trend line amid the technical recovery.
Despite the drop, key and in-chain metrics support more upward movement, according to analyst Tanya Abrosimova. At the time of writing, the token was trading at $ 4.58. However, the short-term technical picture implies that the downside correction from the historical peak may end.
Comment on Bitcoin (BTC)
The Bitfinex trader also commented on the bullish price forecast made by Bloomberg, suggesting that BTC has entered the bull zone for the first time since the Covid-19 sale in March this year, raising its price to over $ 3,000.
Commenting on Bloomberg’s purchase, Joe007 stated that buying BTC at $ 4,000 would be better than buying the cryptocurrency at its current levels of close to $ 11,000. Known for its bullish stance on BTC in the long term, the trader noted that it is in a bearish trend in the short term.
He added that on the microblogging platform, “many people are waiting for an obstacle.” The trader stated that he believes the price of BTC will “rise strongly and steadily in high / growing volume” in the long run, while in a downward trend in the short term.
What’s the case with Bitcoin?
As $ 12 billion suddenly evaporated from the crypto market, the price of Bitcoin fell again. In the last 4 hours, BTC has declined more than 3% from $ 10,900 to $ 10,560, and has crossed both the 50 and 200-day EMA lines. While investors were drawn to stablecoins and other secure assets, the rest of the altcoin market began to suffer heavy losses. This is now the fourth major flash crash that has occurred on the 4-hour BTC / USD chart since the beginning of September.
In the latest BTC price analysis, analysts found that Bitcoin has a weakness, although it is still around the $ 11,000 price area.