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Widely followed full-time crypto trader “Blockchainedbb” highlighted Shiba Inu as a top recommended asset to hold ahead of the anticipated Bitcoin surge to $75,000.
The pseudonymous analyst voiced this sentiment in a recent post on X. Notably, the commentary came as a reaction to the news that America’s largest exchange, Coinbase, seeks to list future contracts for Shiba Inu.
Shiba Inu a Recommended Hold
Last Friday, Coinbase filed five new futures products with the U.S. Commodity Futures Trading Commission (CFTC), including one tied to SHIB, with plans to launch trading by July 15.
The Exchange believes listing a Shiba Inu futures product grants users more avenues to manage risk and partake in the crypto economy with lower upfront capital. Coinbase sees the expansion with Shiba Inu as a way to diversify its product offerings and enhance its users’ trading experience.
This move from the leading U.S. crypto trading platform has stirred significant bullish sentiment in the crypto community, particularly the SHIB Army. Blockchainedbb is one of the latest market watchers voicing a bullish outlook on Shiba Inu’s future price amid the development.
Specifically, the analyst highlighted that such news is why SHIB is one of her top recommendations for the anticipated Bitcoin surge to $75,000. According to Blockchainedbb, Shiba Inu is key to unlocking retail liquidity for exit, making it an attractive asset during the expected price run.
Which is why SHIB is one of my top recommendation for this run to 75k. $shib is what gets you retail liquidity for exit! https://t.co/9PK8oTJIyY
— Blockchainedbb (@blockchainedbb) July 1, 2024
Blockchainedbb’s latest sentiment aligns with her previous statement, describing Shiba Inu as an easy-to-hold asset for investors looking to scale up their portfolios.
Buying Shiba Inu Before Bitcoin Rally to $75k
Meanwhile, during the conversation, a crypto enthusiast asked the analyst about buying Shiba Inu at its current market value. Blockchainedbb advised that joining the trend now at the low of around $0.000017 is prudent rather than waiting for an absolute bottom price that one may end up missing.
However, the analyst also cautioned that altcoins like SHIB could trade much lower if Bitcoin corrects again and falls back to $58,000. Yet, Blockchainedbb noted that acquiring SHIB through the spot market would be a safe bet, as it would likely rebound after a dip. This is because leveraged long positions could face liquidations during steeper price drops.
Notably, during Bitcoin’s rally to an all-time high above $73,000 in March, Shiba Inu was a major beneficiary of the bull run. Specifically, barely two weeks before Bitcoin’s ATH, SHIB soared by nearly 400%, breaking a three-year high to trade at $0.00004534 in early March.
Analysts see a resurgence of this aggressive bullish momentum soon, potentially driving Shiba Inu to the $0.0001 range. Bitcoin hovers around $62,800 at press time, while SHIB trades at $0.00001713. Notably, the premier asset needs to rally by approximately 20% to crack a $75K ATH.