Prominent Bitcoin analyst Mags has issued a warning buy call for Shiba Inu enthusiasts, asserting SHIB is about to enter an uptrend-only mode to $0.00014.
Shiba Inu has struggled to stage a lasting bull trend in recent days. While an uptrend flashed last week, in which SHIB closed in on regaining the $0.00003 threshold, it quickly met bearish resistance, forcing a retest of the $0.000023 level.
At its current value of $0.00002328, Shiba Inu exhibits a flattened 30-day performance with no positive gain. Meanwhile, analysts believe Shiba Inu’s lackluster performance is in the concluding phase.
Last Chance to Buy Shiba Inu Before Up Only
In a recent update on X, analyst Mags asserted that Shiba Inu’s present market value is the crypto community’s last cheap buying opportunity before the next aggressive move.
The analyst warned that market participants ignoring SHIB now could regret this action as he foresees an impending “up only” trend emerging soon. “[This is the] last chance to buy SHIB before up only,” the Bitcoin analyst warned.
Last chance to buy SHIB before up only.. pic.twitter.com/4r4KzZebfy
— Mags (@thescalpingpro) June 6, 2024
SHIB to Soar 501% to $0.00014
In the chart accompanying the update, Mags highlighted how he perfectly timed the market-wide commendable upsurge Shiba Inu witnessed in the first quarter of the year. He claimed to have purchased SHIB just before it surged towards reclaiming three-year highs in March.
Following a consolidation phase that has lasted over two months, Mags now projects that the paused bull trend is set to resume. He anticipates Shiba Inu will reach a new all-time high above $0.00014 between now and September. Notably, achieving this price target would require an ambitious 501% surge from Shiba Inu.
Meanwhile, Mags’s view is widely shared by many other analysts. A few weeks ago, veteran Bitcoin advocate Davinci Jeremie similarly suggested that SHIB is primed for another aggressive move.
However, Jeremie proposed a less ambitious price point of $0.00006 as the potential target before a price correction. Nonetheless, the popular projection for Shiba Inu upon the much-anticipated breakout is a new high above the $0.0001 price range.
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