Shiba Inu Price Eyes 300% Surge As Analyst Warns ‘80%+ Drops Are Behind Us’

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends. The recent prediction by PlanC that the era of ‘80%+ drops is behind us’ has piqued my interest, especially considering Shiba Inu’s strong correlation with Bitcoin.

Is it possible that the price of Shiba Inu could increase by as much as 300%, following a positive prediction from a Bitcoin analyst suggesting significant changes in the cryptocurrency market? This bullish outlook is backed by the belief that severe market crashes of over 80% – which were commonplace in the past – are no longer to be expected. Could Shiba Inu’s price soar under this new, more stable 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%.

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

PlanB, a well-known cryptocurrency expert, suggests that we have moved beyond the period where crypto prices could drop by 80% or more. This prediction was made following Bitcoin’s price surge over the $70,000 mark, breaking through an 8-month price range.

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

As an analyst, I find myself questioning the likelihood of such extreme fluctuations in the future. Given the past eight months of consistent consolidation support for Bitcoin, it seems rather unlikely that we would witness a drastic drop from $200k down to $40k again. This pattern suggests a more stable trajectory for the foreseeable future.

— PlanC (@TheRealPlanC) October 29, 2024

PlanC’s analysis indicates that Bitcoin still has significant potential for growth, referring to its current price as “Base Camp.” This is crucial for Shiba Inu’s price prediction because Shiba Inu exhibits a substantial 82% correlation with Bitcoin over a three-day period and 76% on a weekly basis. Essentially, if Bitcoin’s price fluctuates up or down, it’s highly probable that the value of SHIB will mirror these trends.

As per PlanC’s analysis, Bitcoin (BTC) has experienced four significant peaks or tops since it first began, and each of these occasions saw the price of BTC dip into a bear market.

The 90-day Exponential Moving Average (EMA) of the Glassnode Entity-Adjusted Short-Term Holder Net Unrealized Profit & Loss, a tool for evaluating short-term Bitcoin holder profits and losses, typically spikes between 0.34 to 0.38. This trend has historically indicated market peaks and subsequent bear markets. At present, the metric stands at 0.02, indicating that Bitcoin’s price is not approaching its peak.

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 surged past the mid-September mark, but it encountered difficulty around approximately $0.000019. However, the current market surge spurred by Bitcoin exceeding $71,000 has reinvigorated Shiba Inu’s price trend. Investors are now hoping for a breakthrough above the resistance level it faced over the past month.

Potential milestones in the potential price rise are at $0.000019 and subsequently at $0.0000299, which represents a 63% increase from the current value. If the growth persists, potential future targets might be $0.000045 and $0.00006, indicating a 215% increase. At these levels, SHIB would be just half away from its previous record high.

The projected cost trend for Shiba Inu indicates that bears might disrupt the optimistic outlook if they manage to drive the price under 0.000012 USD. Such a move could negate the bullish inverted head and shoulder reversal pattern, making Shiba Inu appear bearish instead.

In simple terms, the upcoming U.S. elections that focus on cryptocurrencies might significantly increase the value of Bitcoins and Dogecoins (DOGE). This potential rise could indirectly influence Shiba Inu as well because it has a high correlation with DOGE (97%) and Bitcoin (82%). Important price points to keep an eye on are $0.000019 for potential growth and $0.000015 if there’s a decline.

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2024-10-29 09:37