Analysts point out that Bitcoin is on the way to reaching the US$ 100,000 mark and with that the entire cryptocurrency market should seize the moment and register a new high.
Since the start of the Covid-19 pandemic, low interest rates and an increase in the adoption of cryptocurrencies have continued to support demand for digital assets, pushing prices up.
Now, after hitting yet another all-time high, Bitcoin (BTC) and Ethereum (ETH) bulls are determined to continue along the upward trajectory that continues to hold, at least for now.
SHIB, the native cryptocurrency of the Shiba Inu network, has been on a roll lately. The price of SHIB has surged by over 400% in the past month alone.
However, one cryptocurrency strategist believes that the price of SHIB could take an even bigger leap if it manages to break a key resistance level.
The analyst in question is known as “Big Cheds” on Twitter. He recently shared his thoughts on SHIB’s price action and stated that the coin could surge to $0.50 if it manages to close above $0.042.
At the time of writing, SHIB is trading at $0.036 and is up by over 2% in the past 24 hours.
The cryptocurrency market has been on a tear lately with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC reached a new all-time high of $61,781 while ETH surged to a new record high of $2,048.
However, altcoins have not been left behind either. Most altcoins are up by double digits in the past week as investors rotate their capital from BTC to altcoins.
SHIB is one such altcoin that has caught the attention of traders and investors alike. The coin was created as a parody of Dogecoin.
According to Tammy De Costa, analyst at DailyFX, from a fundamental perspective, the culmination of low interest rates, rising inflation and an increase in institutional adoption of the major cryptocurrencies will likely continue to help push prices higher.
“The market value of cryptocurrency has surpassed the $3 trillion dollar mark and will likely continue on this path in the future. Technically speaking, there are a number of Fibonacci levels and other technical indicators that might be worth highlighting.
For Bitcoin and Ethereum, the moving average convergence/divergence currently remains above the zero line, with the price trading above the 50-day moving average,” the analyst said.
So, she says, after hitting a new all-time high of $68,564, Bitcoin traders continued to fight for dominance over the trend in an attempt to breach $100,000.
“Now, as large central banks like the ECB (European Central Bank), the Fed (US Federal Reserve) and the BoE (Bank of England) aim to fight inflation, technical and fundamental factors can further help catalyze the action of the prices for the imminent move,” he said.
She further points out that with markets now weighing the effects of supply constraints, inflation and regulatory scrutiny, large institutions may continue to look to digital assets as a hedge against inflation, which could see Bitcoin and cryptocurrencies increasing even further. if conditions persist.
“Meanwhile, Ethereum recently set another record above $4,700 before rebounding within the constraints of the upside channel, which continues to provide support and resistance for the immediate move.”
Bitcoin is ready for US$70,000, Ethereum for US$8,000 and 6 more cryptocurrencies pointing up, according to analysts
In the same vein, FXStreet analyst Akash Girimath points out that the renewed optimism in Bitcoin will also boost the altcoin market and, with it, the Shibu Inu (SHIB) has great chances of breaking new historical levels.
He points out that the price of Shiba Inu has been consolidating since reaching a new all-time high on October 28th.