Prominent Analyst Recommends Holding Shiba Inu as Bitcoin Eyes $75,000
“Blockchainedbb,” a well-known full-time cryptocurrency trader with a large following, has highlighted Shiba Inu as a recommended asset to hold in anticipation of Bitcoin’s expected rise to $75,000. This sentiment was shared by the pseudonymous analyst in a recent post on X, reacting to the news that Coinbase, the largest exchange in America, is seeking to list Shiba Inu futures.
Shiba Inu: A Recommended Contract:
Last Friday, Coinbase submitted five new futures products to the U.S. Commodity Futures Trading Commission (CFTC), including one linked to SHIB, with plans to launch trading by July 15. Coinbase believes that listing a Shiba Inu futures product provides users with more avenues to manage risk and participate in the crypto economy with less initial capital. The exchange views expanding with Shiba Inu as a way to diversify its product offerings and enhance the trading experience for its users.
This move by the leading U.S. cryptocurrency exchange has sparked significant bullish sentiment within the crypto community, particularly among those following Blockchainedbb. The analyst is one of the latest market watchers to express a bullish outlook for Shiba Inu’s future price amid this development. Specifically, Blockchainedbb emphasized that such news is why SHIB is one of their top recommendations for the anticipated Bitcoin price surge to $75,000. According to Blockchainedbb, Shiba Inu is key to unlocking retail liquidity, making it an attractive asset during the expected price rise.
Blockchainedbb’s latest opinion aligns with their previous statements, where they described Shiba Inu as a prime asset for investors looking to diversify their portfolios.
Buying Shiba Inu Ahead of Bitcoin’s Rise to $75,000:
Meanwhile, during a conversation, a crypto enthusiast asked the analyst about buying Shiba Inu at its current market value. Blockchainedbb recommended joining the trend now at around $0.000017 rather than waiting for an absolute low, which might end up being missed. However, the analyst also warned that altcoins like SHIB could trade at much lower levels if Bitcoin corrects again and falls to $58,000. Nonetheless, Blockchainedbb noted that acquiring SHIB through the spot market would be a safe bet, as it is likely to rise after any dip. This is because leveraged long positions might face liquidations during more severe price drops.
Read more Shiba Inu: An Imminent Comeback Despite Four-Month Low
It is worth noting that during Bitcoin’s price surge to an all-time high above $73,000 in March, Shiba Inu significantly benefited from the price increase. Specifically, just two weeks before Bitcoin’s record high, Shiba Inu surged by about 400%, breaking its three-year high to trade at $0.00004534 in early March. This aggressive bullish momentum could return soon, potentially pushing Shiba Inu into the $0.0001 range. As of writing, Bitcoin is hovering around $62,800, while Shiba Inu is trading at $0.00001713. Notably, Bitcoin needs to rise by approximately 20% to break its all-time high of $75,000.
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