Shiba Inu price is gearing up for a 300% surge after a confident Bitcoin analyst predicted a key shift in the crypto landscape. The optimistic forecast comes with the reassurance that the drastic 80%+ crashes that previously plagued the crypto markets are now a thing of the past. Can SHIB price surge 300% in this new market landscape?

The SHIB price has risen 7.8% in the last 24 hours to $0.00001824. It is among the top 20 gainers over the past day, as Bitcoin price momentum has pushed the entire crypto market up by 3.2%.

SHIB/USDT Price Chart

80% Drops Are Over, What’s Next For Shiba Inu Price?

The famous crypto analyst PlanC has predicted that the era of ‘80%+ drops is behind us’. His forecast comes after Bitcoin’s price soared past the psychological barrier of $70,000, breaking an 8-month consolidation zone.

I don’t think we’ll see a capitulation correction as extreme as in the past—60% to 70% max.

The days of 80%+ drops are behind us. Do you really think Bitcoin would hit $200k and then drop back to $40k, breaking through eight months of solid consolidation support?

— PlanC (@TheRealPlanC) October 29, 2024

PlanC also noted that Bitcoin has “tons of room to run” and said the current BTC price is “Base Camp.” This is important for Shiba Inu price because the meme coin has a sizeable 82% correlation with Bitcoin on the 3-day timeframe and 76% on the weekly timeframe. This means that when Bitcoin’s price moves higher or lower, there is a high likelihood that the price of HSIB will follow the same trend.

According to PlanC, BTC has had four major summits (tops) since its inception, in which BTC’s price corrected into a bear market every time. 

The reading on the Glassnode Entity-Adjusted Short-Term Holder Net Unrealized Profit & Loss (90-day EMA), a metric used to assess the profit and loss of short-term BTC holders, shows every time it hit 0.34-0.38 range, it marked the market top, resulting in a bear market. Today, the metric is at 0.02, which suggests that Bitcoin price is nowhere near the top.

Shiba Inu price is expected to rally as soon as Bitcoin breaks above all-time highs.

SHIB Price Analysis: Will Shiba Inu Surge 300%

Shiba Inu’s price already broke out around mid-September but hit a snag around $0.000019. The recent market uptick caused by Bitcoin’s momentum above $71,000 has revived SHIB’s price action, and bulls are eyeing a break above that one-month resistance level.

Key resistance levels on the way up include $0.000019 and then $0.0000299, a 63% increase from the current price. If the price continues soaring, the following targets could be $0.000045 and $0.00006, a 215% increase. From here, SHIB will only be 50% shy of its previous all-time high. 

Shiba Inu Price Analysis Chart

Shiba Inu price forecast shows bears can spoil the bullish thesis if they push prices below $0.00001200. This would invalidate the inverse head and shoulder bullish reversal pattern, rendering Shiba Inu bearish.

The upcoming crypto-centric U.S. elections are expected to exponentially boost the price of Bitcoin and Dogecoin (DOGE), which could trickle down to Shiba Inu as it shares a 97% correlation with DOGE and 82% with Bitcoin. Key levels to watch for are $0.000019 on the upside and $0.000015 on the downside.

The post Shiba Inu Price Eyes 300% Surge As Analyst Warns ‘80%+ Drops Are Behind Us’ appeared first on CoinGape.

---

Filed under: News - @ October 29, 2024 6:25 am