One of the wealthiest Bitcoin investors on record remains unconvinced that Bitcoin will rally anytime soon even after a bullish BTC prediction from a major news outlet.
In a new tweet, the pseudonymous trader Joe007 disagrees with a Bloomberg Crypto update suggesting that Bitcoin has entered bull territory for the first time since the Covid-19 sell-off in March.
But of course $11K+ Bitcoin would be such a better buy than $4K Bitcoin. Mhm. Riiiight. Rock on, Bloomberg. https://t.co/ChCbT2QOAC pic.twitter.com/KcnISFB3VO
— Joe007 signals·alerts·funds are scams, all of them (@J0E007) September 16, 2020
The trader, known for placing large BTC bets on Bitfinex, is short-term bearish on Bitcoin as he thinks that the top cryptocurrency is due for one massive shakeout event.
“A lot of people are expecting a downleg, yes. But the question is – are they prepared to buy into a real dump, like a repeat of early March – or worse?”
While Joe007 sees a BTC capitulation on the horizon, he still believes in the long-term potential of the number one cryptocurrency.
“One day BTC will go up strongly, decisively, on high/growing volume. It will cut through the most fearsome resistance lines like knife through butter, surprising all experts… and just continue to grow without retrace.”
Meanwhile, the trader who rarely shows fondness for coins other than BTC is looking at Uniswap (UNI). The market cap of the decentralized finance (DeFi) token skyrocketed from around $50 million to over $750 million after its Coinbase Pro listing. Joe thinks that the DeFi asset is priced beyond its fair value.
“[UNI is] overvalued by about $625M.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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