Prominent Bitfinex trader Joe007, who is well-known for holding massive positions on the price of bitcoin, has revealed he believes Uniswap’s UNI governance token is overvalued.
On social media, where Joe007 is well-known for standing up for bitcoin and Bitfinex, and for being bearish on altcoins, responded to a user who asked him about his thoughts on the governance token. At the time, the token’s market cap was around $750 million, as its price surged shortly after launch.
Notably, the price of the cryptocurrency has ben plummeting after hitting an $8.5 all-time high on the day of Joe’s comment, and has now dropped to $4.39 according to CryptoCompare data. The cryptocurrency’s market cap is now of $418 million.
The Bitfinex trader also commented on a bullish price prediction made by Bloomberg, which suggested BTC entered bull territory for the first time since the COVID-19 sell-off in March of this year, which took its price to little over $3,000.
Commenting on Bloomberg’s take, Joe007 noted that buying BTC at $4,000 would have been better than buying the cryptocurrency at its current levels, close to $11,000. The trader, who is known for his bullish stance on BTC in the long-term, noted that in the short term he is bearish.
On the microblogging platform he added that a “lot of people are expecting a downleg” but questioned whether they are “prepared to buy into a real dump, like a repeat of early March – or worse?” While the trader is bearish on the short-term, he pointed out he believes that in long run BTC’s price will “go up strongly, decisively, on high/growing volume.”
Featured image via Pixabay.