Renowned crypto advisor and technical analysis expert, Coach K, based in Bangkok, has detailed a timeline predicting when Shiba Inu might experience a full bull market, drawing insights from historical data.
In a recent post on X, the market analyst discussed Shiba Inu’s launch and subsequent price trends, shedding light on the current struggle SHIB faces in defending itself against further price drops amidst mounting bearish pressure.
Notably, The Crypto Basic recently addressed this bearish perspective, referencing an analysis from market observer The Don of Apes. He highlighted the potential for SHIB’s price to dip below the $0.00002 mark, suggesting a possible drop to $0.00001822 as a favorable entry point for investors.
The Rollercoaster Journey of Shiba Inu
This bearish outlook follows a previous uptrend that Shiba Inu experienced earlier this year. Between Feb. 24 and March 5, SHIB surged over 370%, reaching a new yearly high above $0.000045. However, a subsequent correction led to a significant retracement of these gains. Despite this, Shiba Inu’s price remains higher than before the rally.
Coach K speculates that the dog-themed crypto asset may be following a pattern observed months after its launch. Shortly after its inception, Shiba Inu saw intermittent price spikes, eliminating multiple leading zeros and eventually peaking at $0.00003532 in early May 2021, according to CoinGecko data.
Following this peak, SHIB underwent a substantial correction, plunging by 80% to a low of $0.00000698 on May 22, 2021. The cryptocurrency remained in a bearish phase for several months, consolidating its position and facing resistance to any breakout attempts.
The bearish trend persisted until late September 2021, when SHIB began showing signs of a potential breakout, coinciding with the second phase of the 2021 bull market. This provided the necessary momentum for SHIB to break free from its consolidation phase.
Anticipated Timeline for the “Real Bull”
Following the breakout, Shiba Inu surged to an all-time high of $0.00008845 in October 2021. Coach K predicts a similar pattern unfolding in the current bull run, with SHIB currently consolidating in a bearish phase. The next price surge could result in significant gains.
Coach K foresees this breakout happening post-summer, mirroring the timing of the previous bull market. He refers to this upcoming uptrend as the “real bull.” While specific price targets were not provided, some, like media personality Eljaboom, anticipate SHIB reaching $0.00024 during this bull run.
Disclaimer: This content serves as informational and should not be construed as financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for financial losses.