New Uniswap Coins a Good Buy If Bitcoin Price Top In - Wall St Prediction as Traders Hunt Next Dogecoin, Shiba Inu or Pepe
Wall Street investment bank Morgan Stanley thinks the Bitcoin top could be in as investors are diversifying into newer cryptocurrencies on decentralized exchanges like Uniswap, particularly speculative meme coins.
Heading into June 2023, the Bitcoin price has risen approximately 100% from its November 2022 lows of just under $15,500.
The bearish price forecast appeared as an update this week on a Forbes article titled 'The Game May Be Over', referring to Bitcoin and Ethereum.
Morgan Stanley crypto analyst Sheena Shah stated:
At the peak of the crypto bull run in 2021, the Bitcoin price had an inverse relationship with the pace of new token listings.
The number of new cryptocurrencies created and listed on Uniswap exchange has doubled in the past month, a pattern that, since 2020, has often occurred around market tops.
The original article also covered the bearish Bitcoin price prediction of Paul Tudor Jones - the hedge fund manager has stated Bitcoin may fall out of favor as an inflation hedge for investors, as inflation has fell to its lowest rate in two years in the US.
In addition Bitcoin still has the 'real problem' of unfriendly regulation in the US, Paul Tudor Jones added.
With the Bitcoin price dropping back under the $27,000 level earlier today, the market cap of Bitcoin now stands at $522 billion.
A move back to its all-time high hit in the last crypto bull run - $69,000 in November 2021 - would be a 2.5x increase in the Bitcoin price.
The Ethereum price retesting its ATH of $4,800 from its price today of $1,800 would be a 2.66x rise.
View our latest Ethereum price prediction video on the CryptoNews YouTube channel above.
For traders more interested in short term price speculation, buying new Uniswap coins can often
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