Bitcoin price is moving towards USD 100,000 and Shiba Inu to a new high of 200%, according to an analyst

Since the beginning of the Covid-19 pandemic, low interest rates and an increasing adoption of cryptocurrencies have continued to support demand for digital assets and drive prices higher.

Now, having hit another all-time high, the bulls of Bitcoin (BTC) and Ethereum (ETH) are determined to continue the remaining uptrend, at least for the time being.

According to DailyFX analyst Tammy De Costa, from a fundamental perspective, the high point of low interest rates, rising inflation, and increasing institutional acceptance of key cryptocurrencies are likely to continue to drive prices up.

“The market value of the cryptocurrency has passed the $ 3 trillion mark and is likely to continue down this path in the future. Technically, there are a number of important Fibonacci levels and other technical indicators that may 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.

Bitcoin price is moving towards USD 100,000 and Shiba Inu to a new high of 200%, according to an analyst
Bitcoin price is moving towards USD 100,000 and Shiba Inu to a new high of 200%, according to an analyst

So, she says, after hitting a new all-time high of $ 68,564, Bitcoin traders continued to struggle for dominance over the trend to break above $ 100,000.

“With major central banks like the ECB (European Central Bank), the Federal Reserve (US Federal Reserve) and the BoE (Bank of England) all aiming to fight inflation, technical factors and fundamentals can help catalyze price movements further the upcoming move, ”he said.

Altcoin

Additionally, he notes that as markets now assess the effects of supply restrictions, inflation and regulatory scrutiny, large institutions may continue to consider digital assets as a hedge against inflation, which could cause Bitcoin and cryptocurrencies to continue to rise if the conditions persist.

“Meanwhile, Ethereum recently set another record above $ 4,700 before bouncing within the boundaries of the bullish channel that continues to provide support and resistance for the immediate move.”

In the same vein, FXStreet analyst Akash Girimath points out that renewed optimism with Bitcoin will also boost the altcoin market and that the Shibu Inu (SHIB) has great chances of breaking new all-time highs.

This suggests that Shiba Inu price has been consolidating since hitting a new all-time high on October 28th.

“Fortunately for Forks, this phase of sideways trading has resulted in a pattern of continuation that suggests an exponential move is likely to occur,” he said.

Girimath says Shiba Inu price has moved away from a lingering pattern known as the bullish flag, but is waiting for buyers to re-emerge to initiate an explosive move.

From October 23-28, the SHIB rose 219% to hit a new high of $ 0.00008850. This climb is known as the mast. The Shiba Inu price consolidated after the rally, making higher highs and lows, resulting in a flag.

“This technical training projected an increase of 219% to $ 0.00019700, which is achieved by adding the mast height to the breaking point at $ 0.0006220. Although Shiba Inu price broke the flag’s upper trend line on Nov. 9, “Volatility is low. This consolidation can be seen as the last buy zone before SHIB eats another zero,” he says.

Shiba Inu

For the trader, therefore, a possible spike in buying pressure that will cause Shiba Inu’s price to produce a pivotal four-hour candle close above $ 0.00006490 will confirm the start of a bullish rally.

“For investors looking to be more secure, however, the second confirmation comes after Shiba Inu price made a high of over $ 0.0008590,” he concludes.

SHIB / USDT 4 hour chart

SHIB / USDT 4 hour chart

On the other hand, he points out that if Shiba Inu’s price does not gain momentum and rise, it suggests that buying pressure has subsided, in which case SHIB could fall and retest the demand zone that goes from 0, 00003280 goes to $ 0.00004460.

“However, a closing price of the daily candle below $ 0.00004460 will invalidate the bullish flag thesis for the price of Shiba Inu,” he concludes.

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