2024-4-18 19:32 |
Despite experiencing steep price declines in the past few weeks, popular Shiba Inu marketing team member, Lucie, has remained optimistic about SHIB’s price fundamentals, stating that the cryptocurrency is still on track for a supercycle.
SHIB Set For A Major Bullish CycleOn Wednesday, April 17, Lucie took to X (formerly Twitter) to shed light on Shiba Inu’s price outlook using historical data of Bitcoin’s market movements.
Sharing a Bitcoin analysis chart of the market’s progress from 2015 up to 2024, Lucie highlighted key periods which displayed a bottom phase, a re-accumulation phase and a bull market.
A bottom phase typically occurs when the price of a cryptocurrency is low but appears to show minor signs of growth, as indicated by the multiple green and red candles on Lucie’s Bitcoin chart. On the other hand, a re-accumulation phase is a period where investors begin to buy cryptocurrencies at a fairly cheap rate in anticipation of a bull market.
According to the Bitcoin analysis chart, in 2015, Bitcoin experienced a bottom and re-accumulation phase from 2017 to 2018 before entering a full-blown bull cycle. A similar trend occurred in 2019 as Bitcoin bottomed again and investors entered a re-accumulation phase. From 2020 to 2021, the cryptocurrency surged considerably, marking the onset of another bull market.
Based on these historical price movements, Lucie predicts that the next Bitcoin bull market will likely happen between 2024 and 2025, following the reaccumulation phase, which occurred in 2023. The Shiba Inu marketing lead sees these parallel market movements as evidence that Shiba Inu could still experience a super cycle, maintaining optimism about the cryptocurrency’s long-term prospects.
Shiba Inu Price AnalysisOver the past month, the price of SHIB has been plummeting significantly, declining by approximately 23.24%. This trend continues as the cryptocurrency records further decline to 21.99% in just one week.
Despite the downward spiral, whales are still accumulating the doggy-themed meme coin at a rapid pace. Notably, an anonymous whale had purchased a whopping 223 billion SHIB tokens, valued at more than $5.7 million, after the cryptocurrency had crashed to a low of $0.00001830.
For many investors, SHIB’s consistent declines are seen as a buying opportunity as they gear up for a potential bull run in the future. At the time of writing the cryptocurrency is trading at $0.000021, according to CoinMarketCap.
Earlier in March, SHIB had witnessed double-digit gains that pushed its price to $0.000045, soaring almost half its all-time high of $0.00008616 in October 2021.
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