Market Expert Advises Holding Shiba Inu Before Bitcoin’s $75,000 Leap
The anonymous analyst expressed this view in a recent post on X in response to the announcement that Coinbase, the largest U.S. exchange, is planning to list futures contracts for Shiba Inu. Last Friday, Coinbase submitted five new futures products to the U.S. Commodity Futures Trading Commission (CFTC), including one linked to SHIB, with trading set to commence by July 15.
The exchange believes that introducing a Shiba Inu futures product provides users with additional options for risk management and participation in the crypto economy with lower initial capital. Coinbase sees the expansion with Shiba Inu as a means to diversify its product offerings and enrich its users’ trading experience.
The move from the leading U.S. crypto trading platform has generated significant bullish sentiment in the crypto community, particularly among SHIB enthusiasts. Blockchainedbb is one of the latest market watchers to express an optimistic view of Shiba Inu’s future price in light of this development.
Notably, the analyst emphasized that this news is why SHIB is one of her top recommendations for the anticipated Bitcoin surge to $75,000. According to Blockchainedbb, Shiba Inu plays a crucial role in unlocking retail liquidity for exit, making it an appealing asset during the expected price surge.
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Blockchainedbb’s recent sentiment is consistent with her previous statement, describing Shiba Inu as an easily manageable asset for investors seeking to expand their portfolios. Amidst the discussion, a crypto enthusiast inquired about purchasing Shiba Inu at its current market value. Blockchainedbb suggested that entering the trend now, at the low of around $0.000017, is prudent rather than waiting for an absolute bottom price, which one might miss.
Market Trends
However, the analyst also warned that altcoins like SHIB could experience further declines if Bitcoin corrects again and drops to $58,000. Nonetheless, Blockchainedbb noted that acquiring SHIB through the spot market would likely be a worthwhile decision, as it would probably rebound after a decline. This is due to the potential liquidation of leveraged long positions during sharper price drops.
Notably, during Bitcoin’s rally to an all-time high above $73,000 in March, Shiba Inu significantly benefited from the bull run. Specifically, just two weeks before Bitcoin’s all-time high, SHIB surged by almost 400%, reaching $0.00004534 in early March.
Analysts anticipate a resurgence of this strong bullish momentum soon, potentially propelling Shiba Inu to the $0.0001 range. Bitcoin is currently hovering around $62,800, while SHIB is trading at $0.00001713. It’s worth noting that SHIB needs to rally by approximately 20% to surpass the $75,000 all-time high.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
