The price of Bitcoin has once again surpassed $29,250, but it remains uncertain whether this increase will be permanent. Meanwhile, renowned crypto analyst Clark, closely followed by crypto investors, has made comments about the popular Ethereum altcoin and BTC. The senior market analyst’s recent remarks are quite impactful.
The Future of UniSwap (UNI)
Famous crypto analyst Cantering Clark, also known as DeFi, suggests that Uniswap (UNI) may be preparing for an upward movement. According to the trader, UNI is showing signs that it may start a bullish trend.
“I believe that UNI is a blue-chip cryptocurrency. It is a very strong altcoin, and I will start buying some. It is above the 200-week moving average, and weekly momentum oscillators are starting to recover.”
At the time of writing, Uniswap is trading at $6.54, representing a 1.54% increase in the last 24 hours.
Bitcoin Expert Opinion
Clark, who previously predicted that BTC would experience a significant correction, now believes that this is unlikely. He is expecting a major price catalyst. If we do not see a positive SEC move regarding the Spot Bitcoin ETF unexpectedly, there will not be an impressive rise in the Bitcoin price this month.
“I feel like my August BTC sales on Synquote have been in vain. I don’t expect a touch to $26,000, but I hope that only volatility and risk will be repriced, and I can stay out during some extreme price reactions. There isn’t much reason to expect too much until the first ETF date, and it doesn’t seem like spot sellers are buying like crazy due to overheated derivative positions or willingness.”
The trader is also closely monitoring the Bitcoin implied volatility index, which shows that the current volatility level of BTC is the lowest percentage in recent years, at 34.16%.
“Don’t get too complacent. Volatility compression leads to volatility expansion at some point.”
Cantering Clark states that Bitcoin’s volatility has always led to significant breakouts. However, he is not certain if it will happen this month.
