Coach K, a Bangkok-based crypto advisor and TA expert, has outlined a timeline suggesting when Shiba Inu might enter a full bull market, drawing on historical context.
The market analyst presented this in a recent post on X, calling attention to Shiba Inu’s launch and subsequent price performance months later. This commentary comes at a time when SHIB is struggling to defend itself against further price dips, as bearish pressure mounts.
Shiba Inu ($SHIB) launched July 31st in 2020.@Shibtoken went up then simmered down for a few months before ripping from September to April or so.
We're at the exact timing, summer before the real BULL!
Touch Grass, spend time with loved ones.FULL BULL IS COMING SOON!!! pic.twitter.com/k3G0iBmbSw
— Coach K Crypto (@Coachkcrypto) June 11, 2024
Notably, The Crypto Basic recently discussed this bearish position, citing an analysis from market watcher The Don of Apes. He called attention to the possibility of a price drop below the $0.00002 territory. According to him, Shiba Inu might slump to $0.00001822, but this would represent a good entry point for investors.
Shiba Inu Rollercoaster Ride
This bearish condition follows a previous uptrend recorded by Shiba Inu earlier this year. SHIB exploded by over 370% from Feb. 24 to March 5, clinching a new yearly top above $0.000045. The correction that followed has now made it give up most of the gains. Despite this, Shiba Inu remains above its price point before the rally.
Interestingly, Coach K believes the dog-themed crypto asset might be repeating a pattern it recorded months after its launch. For context, shortly after launch, Shiba Inu witnessed occasional price surges, deleting multiple leading zeros and eventually spiking to $0.00003532 in early May 2021, per CoinGecko data.
After this spike, SHIB witnessed a massive correction, collapsing by 80% to a low of $0.00000698 on May 22, 2021. Shiba Inu remained in this bearish state for a few months, largely consolidating and facing resistance to any attempts at a breakout.
The bearish season persisted until late September 2021, when SHIB began to show signs of a breakout. This coincided with the second phase of the 2021 bull run, providing enough strength for SHIB to break out of the bearish consolidation phase.
Projected Timeline for the “Real Bull”
After the breach, Shiba Inu then skyrocketed to the all-time high of $0.00008845 in October 2021. Coach K sees this pattern repeating in the current bull run. Notably, Shiba Inu is currently in the bearish consolidation region. The next price surge could lead to more substantial gains.
Coach K expects this breakout and surge to occur after summer, as was the case in the previous bull market. He dubs this upcoming uptrend the “real bull.” While the analyst failed to set any price targets, others project that this bull run could lead to a breach of the current all-time high. For instance, media personality Eljaboom expects a SHIB spike to $0.00024.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
