Shiba Inu (SHIB) could potentially experience up to a 300% increase following a forecast from leading Bitcoin analyst PlanC, who foresees a major shift in the crypto market. This optimistic outlook reinforces confidence that the drastic downturns that previously affected digital assets may now be a thing of the past.
Analyst Insights: A Positive Outlook on Shiba Inu
Crypto analyst PlanC has expressed that the days of 80% declines in crypto markets are over. He shared his prediction after Bitcoin surpassed the psychological $70,000 mark, breaking out of an eight-month consolidation zone. PlanC confidently states, “I no longer expect a harsh 60-70% correction period.” In his view, a scenario where Bitcoin reaches $200,000 only to drop back to $40,000 is unlikely. He believes the market hasn’t yet peaked, which could have favorable implications for altcoins like Shiba Inu.
Shiba Inu’s Growth Potential
Labeling Bitcoin’s current price level as a “Base Camp,” PlanC suggests that Bitcoin’s growth could positively impact Shiba Inu. Given SHIB’s high correlation with Bitcoin, the altcoin could follow a similar upward trend, which Dey There will be monitoring closely.
Price Targets and Key Levels
According to PlanC’s analysis, SHIB could rise by 63%, surpassing $0.0000299. Should this level be reached, the next potential targets for SHIB include $0.000045 and $0.00006. However, if the SHIB price falls below $0.00001200, the anticipated bull market could be invalidated, potentially triggering a downtrend.
Short-Term Resistance and Support Levels
Investors should monitor key levels, with $0.000019 as short-term resistance and $0.000015 as support. As the U.S. election season approaches, a positive market sentiment may benefit Shiba Inu, along with other popular tokens like Bitcoin and Dogecoin.
Overall, analyst predictions suggest that Shiba Inu’s future price movements may be influenced by these developing trends.
Shiba Inu, SHIB, crypto market, PlanC, Bitcoin
