Top Analyst Says Shiba Inu Correction Could Be Bullish for Crypto Markets – Here’s Why
A popular crypto strategist says the current Shiba Inu (SHIB) pullback might be a positive signal for the rest of the crypto markets.
In the latest edition of TechnicalRoundup, crypto trader DonAlt says that a persistent correction in Shiba Inu would drive retail investors to look toward crypto assets with sound fundamental properties.
“I think as long as that continues we’re actually quite good. You want to see Shiba [Inu] bleed out like Dogecoin [DOGE] did, because then you’re going to see the focus of retail [investors] shift from memes to actual real projects.
That’s probably going to get the rest of retail involved… and for us, the people in the ecosystem, that’s good news.”
SHIB is currently exchanging hands at $0.000055.
Looking at Bitcoin (BTC), DonAlt is outlining what he thinks is the most likely scenario for BTC in the coming months.
“I think there’s a good chance that we’re going to get a fakeout, as in a breakout above [$67,000], go sideways, and start breaking down again. I think if altcoins do well during this time [of sideways consolidation]… I think that kind of path is the most likely.
So [Bitcoin goes] up toward $70,000 to $80,000. A little bit of sideways while the altcoins go off, and then down.”
Bitcoin is currently trading at $67,098.
As for Ethereum (ETH), the crypto strategist says it is only a matter of time before the leading smart contract platform ignites a rally similar to what it did earlier this year when it surged from $1,500 in February to $4,300 in May.
“I think we’re due for a steep increase. I think that’s going to be the same as here though [the May 2021 pullback].
The longer this grinds the better for bulls, because I think that’s going to be the base for the next one.”
According to DonAlt’s chart, Ethereum can climb as high as $6,600 before any significant correction.
Ethereum is trading at $4,744 at time of writing.
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Author: Daily Hodl Staff
