Crypto analyst Rekt Capital, known for his accurate forecasts, has indicated that Uniswap’s service token UNI is on the verge of entering a significant uptrend. The analyst also mentioned that Bitcoin (BTC) is in the very early stages of a bull market cycle.
UNI Set for a Major Uptrend, Analyst Suggests
Anonymous crypto analyst Rekt Capital shared on his social platform X (formerly known as Twitter) that the leading decentralized exchange (DEX) Uniswap’s service altcoin could soon enter a strong uptrend by turning a major resistance level into support.
The analyst explained his bullish outlook for UNI, saying, “Uniswap is on the verge of an important breakout from this macro market structure. It needs to break the top of this formation and settle on it as support to enter a new macro uptrend.”
At the time of writing, UNI is trading at $6.25, slightly above the resistance line pointed out by Rekt Capital. Observing the analyst’s monthly chart, if the altcoin breaches the next resistance around $7, it could open up for a surge up to $50.
Rekt Capital also noted the decline in market dominance of the largest stablecoin, Tether (USDT), suggesting that stablecoin holders might be shifting towards Bitcoin and other altcoins. He stated, “USDT’s dominance is falling. Investors are seeking more risk, showing keen interest in moving from stablecoins to BTC and altcoins. Tolerance for risk is increasing, and rotational behavior is becoming clear. If the blue line as support breaks down, this psychological trend is likely to continue.”
“We Are at the Beginning of a Bitcoin Bull Market”
Lastly, Rekt Capital commented on Bitcoin, stating that the largest cryptocurrency is in a bull market cycle similar to the years preceding the block reward halvings in 2019 and 2015, and that we are just at the beginning of this cycle.
Miners are expecting the next block reward halving, which will reduce the block reward by 50 percent, to occur in April 2024.
- Uniswap’s UNI token is set for a surge.
- Tether’s dominance is declining, indicating a shift.
- Bitcoin is potentially at the start of a bull cycle.