A popular crypto strategist says the current Shiba Inu (SHIB) pullout could be a positive signal for the rest of the crypto markets.
In the latest edition of TechnicalRoundup, crypto trader DonAlt said that a persistent correction in Shiba Inu would encourage retail investors to turn to crypto assets with strong fundamentals.
“I think as long as this continues we’re actually pretty good. You want to see shiba [Inu] bleed like Dogecoin [DOGE] did, because then you are going to see the focus of retail [investors] go from memes to real projects.
This will probably involve the rest of the retail business… and for us, the people of the ecosystem, that’s good news.
SHIB is currently trading hands at $ 0.000055.
Looking at Bitcoin (BTC), DonAlt describes what he thinks is the most likely scenario for BTC in the coming months.
“I think there’s a good chance we’ll get a fake, like in a breakout above [$67,000], go to the side and start breaking down again. I think if altcoins are performing well during this time [of sideways consolidation]… I think this kind of path is most likely.
So [Bitcoin goes] up to $ 70,000 to $ 80,000. A little aside as the altcoins go out and then go down.
Bitcoin is currently trading at $ 67,098.
As for Ethereum (ETH), the crypto strategist says it’s only a matter of time before the major smart contract platform triggers a rally similar to what it did earlier this year when it rose from $ 1,500 in February to $ 4,300 in May.
“I think we are due for a big raise. I think it will be the same as here [the May 2021 pullback].
The longer it lasts, the better it is for the bulls, because I think it will be the basis of the next one.
According to DonAlt’s chart, Ethereum can climb up to $ 6,600 before any significant correction.
Ethereum is trading at $ 4,744 at the time of writing.
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