A popular analyst Shiba Inu (SHIB) He claims that if cryptocurrencies like cryptocurrencies rally, the wider crypto market will be affected.
The analyst, known in the crypto market by the alias Altcoin Sherpa, told 189,300 Twitter followers that if meme coins start to pile up, it could result in a market rebound. told. As a result, the total crypto market cap could drop below $1 trillion, according to the analyst.
“SHIB: Is it time for meme coins to run?
(This could mean the cycle will end soon)”
Analyzing the chart shared by the analyst, the target price of Altcoin Sherpa for the meme coin can be seen. Accordingly, the analyst suggests that Shiba Inu may rise 29% above $0.0000160 after breaking above the 200-week exponential moving average (EMA) on the daily chart.
The Shiba Inu is trading at $0.0000124 at press time.
Regarding Bitcoin (BTC), the analyst says that if the leading crypto asset follows the formation it formed in 2019, it is unlikely to drop below $19,000 and it could surpass the $30,000 resistance level.
In 2019, Bitcoin nearly quadrupled its year-opening price in the first half before losing more than 50% of its gains in the second half.
“But if it’s going to be like 2019, I expect the rally to continue. It’s like I don’t expect a strong pullback to $19,000 as everyone wants…
Continuing with this, we can see it cross $24,000 and then it could stop around $30,000 and then continue higher. That would be the overall 2019 scenario for me.”
The leading crypto Bitcoin is trading at $21,219 at press time.
You can follow the current price action here.