Shiba Inu (SHIB) has emerged as a potential beneficiary of Bitcoin’s anticipated climb to $75,000, according to Blockchainedbb, a prominent crypto analyst. This bullish outlook comes amidst news of America’s largest cryptocurrency exchange, Coinbase, seeking to list SHIB futures contracts by July 15th.
Coinbase Listing Fuels Optimism
On June 28th, Coinbase filed an application with the U.S. Commodity Futures Trading Commission (CFTC) to introduce five new futures products, including one specifically for SHIB.
Read Also: XRP and Shiba Inu (SHIB) Top This Key Metric
This move is seen as a strategic effort by Coinbase to expand its offerings and cater to a wider audience. By introducing SHIB futures, Coinbase aims to provide users with increased flexibility in managing risk and participating in the cryptocurrency market with lower upfront investment.
The news has generated significant excitement within the cryptocurrency community, particularly among Shiba Inu enthusiasts. This positive sentiment is further amplified by the analysis of Blockchainedbb, a widely followed full-time crypto trader.
Blockchainedbb’s Bullish Take on SHIB
Blockchainedbb highlights SHIB as a top recommendation for investors anticipating a Bitcoin surge towards $75,000. The analyst emphasizes SHIB’s potential to unlock retail investor liquidity during this predicted price increase. This means that SHIB’s price could rise significantly as retail investors exit their positions to capture profits from the Bitcoin rally.
This bullish outlook aligns with Blockchainedbb’s previous statements, where SHIB was described as an attractive asset for investors seeking to build their cryptocurrency portfolios due to its affordability.Investment Strategies and Considerations
For investors interested in acquiring SHIB in anticipation of the Bitcoin rally, Blockchainedbb advises a measured approach. While waiting for an absolute rock-bottom price might seem ideal, the analyst cautions against missing the current buying opportunity. SHIB’s current price of around $0.000017 presents a potentially good entry point.
However, Blockchainedbb acknowledges potential risks. A significant correction in Bitcoin’s price, with a drop back to $58,000, could lead to a decline in altcoin valuations, including SHIB.
In such a scenario, investors acquiring SHIB through spot purchases (directly buying the coin) are likely better positioned than those using leveraged positions (investing with borrowed capital). Leveraged positions magnify potential losses during price drops due to forced liquidations.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Foresees Massive XRP Price Breakout. Here’s whyHistorical Performance and Future Potential
Lessons can be drawn from Bitcoin’s previous bull run in March 2024. When Bitcoin surged to its all-time high above $73,000, SHIB rode the wave, experiencing a remarkable 400% increase in price within two weeks. This historical performance strengthens the case for potential gains in SHIB as Bitcoin resumes its upward trajectory.
This anticipated surge in Bitcoin’s price, coupled with the upcoming launch of SHIB futures contracts on Coinbase, has instilled optimism within the cryptocurrency community regarding Shiba Inu’s future.
Follow us on Twitter, Facebook, Telegram, and Google News
