Analyst Predicts Possible SHIB Bull Market

A well-known cryptocurrency expert, who previously accurately predicted the end of Bitcoin’s bull run in 2021, now thinks that Shiba Inu (SHIB), the top meme token, might be on the brink of a bull market in the near future.

The analyst, who goes by the name of Pentoshi, shared his insights with his sizable Twitter following of 673,400 people, mentioning that SHIB appears to be gaining strength after breaking past its resistance level at $0.000013.

While the exact launch date has been kept under wraps, the team behind Shibarium has assured the community that a beta version is coming soon. Keep your eyes peeled and get ready to experience the next level of Shiba Inu.

As of now, SHIB is thriving in the market, with a remarkable 10% increase in the past 24 hours, and is currently trading at $0.000015.

Another exciting project that’s caught the attention of Pentoshi is the interoperable chain Polkadot (DOT). According to the crypto analyst, DOT is on track to reach its next milestone, its immediate resistance at $7.88.

Regarding Bitcoin, it appears that Pentoshi is expressing caution as the cryptocurrency is starting to display signs of weariness.

Despite attempts, it has not been able to surpass resistance at approximately $23,900 on two separate occasions.

As we examine the chart of Pentoshi, there appears to be a potential dip in the value of Bitcoin. Currently trading at $23,366, Pentoshi forecasts that the leading cryptocurrency may drop to the $20,500 range in the near future.

Conclusion

The market momentum around Shiba Inu is building as anticipation for the Shibarium upgrade grows. Pentoshi’s analysis points to increasing hype in the coming weeks, though caution remains with Bitcoin’s uncertain movement. While SHIB and DOT show potential for upward trends, investors should carefully assess risks in this volatile crypto environment.

FAQs

1. What is driving the hype around SHIB right now?

The upcoming launch of Shibarium, a layer-2 upgrade, is fueling excitement and anticipation among investors.

2. Why is the analyst cautious about Bitcoin?

Pentoshi observed resistance at $23,900 and predicts a potential drop toward $20,500 in the near future.

3. Is Shiba Inu expected to surge in the short term?

Yes, the analyst suggests SHIB may see increased hype and bullish momentum in the coming weeks, though risks remain.