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Analyst Cautions That Shiba Inu Surge Might Entangle Investors; Bitcoin Could Have Reached Its Lowest Point
Shiba Inu (SHIB) has recently experienced a surge, but a well-known analyst, Cheds, indicates that this may be a trap for bullish investors aiming to long the meme coin. Cheds, who has a substantial Twitter following of 311,700, highlights that SHIB is witnessing an increase within a broader downtrend, which could present a short opportunity in the near future.
The analyst observes that the rally might attract SHIB bulls who are optimistic about a reversal of the downtrend and the potential for an isolated bull run. However, Cheds cautions that signs of exhaustion are beginning to appear among the bulls, possibly signaling a blow-off top on the four-hour chart. He asserts that his bearish outlook would be negated if SHIB manages to rise above $0.00001075.
In spite of the warning regarding SHIB, the cryptocurrency has been on a robust upward trajectory since reaching its 2023 low of approximately $0.0000054 in June. At the time of writing, SHIB is priced at $0.00001013, reflecting an increase of over 14% in the past 24 hours.
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In a different analysis, Cheds examines Bitcoin’s (BTC) recent price movements and suggests that the leading cryptocurrency may have already found a local bottom around $28,600. He believes that the low of $28,612 from August 1st should fulfill the initial expectation for a mean reversion. Furthermore, Cheds views the current price range as essential due to the throwback effect.
Last month, Cheds accurately forecasted that Bitcoin would decline to the $28,500 range before concluding its corrective phase. The analyst anticipates that BTC will likely undergo a gradual upward movement after reaching its downside target.
At the time of writing, Bitcoin is valued at $29,089.
It is crucial to recognize that market forecasts and analyses can change based on shifting market conditions and other influences. Investors and traders should proceed with caution and conduct thorough research prior to making investment choices.
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