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Bitcoin price heads toward $ 100,000 and Shiba Inu toward new 200% high, analyst notes

Since the start of the Covid-19 pandemic, low interest rates and an increase in cryptocurrency adoption have continued to support the demand for digital assets, which has driven up prices.

Now, after hitting another all-time high, the bulls of Bitcoin (BTC) and Ethereum (ETH) are determined to continue along the upward trajectory that remains, at least for now.

According to the DailyFX analyst, Tammy De Costa, from a fundamental perspective, the culmination of low interest rates, rising inflation, and an increase in institutional adoption of major cryptocurrencies will likely continue to help drive prices.

“The market value of the cryptocurrency has crossed the $ 3 trillion mark and will likely continue on this path in the future. Technically speaking, there are a number of key Fibonacci levels and other technical indicators that may be worth highlighting.

For Bitcoin and Ethereum, the moving average convergence / divergence is currently holding above the zero line, with the price trading above the 50-day moving average, “the analyst said.

So, she says, After hitting a new all-time high of $ 68,564, Bitcoin traders continued to fight for dominance over the trend in an attempt to break above $ 100,000.

“Now, since big central banks like the ECB (European Central Bank), the Federal Reserve (US Federal Reserve) and the BoE (Bank of England) aim to combat inflation, technical and fundamental factors they can help further catalyze price action for the impending move, “he said.

Altcoin

Furthermore, it points out that with markets now assessing the effects of supply restrictions, inflation and regulatory scrutiny, large institutions may continue to look to digital assets as a hedge against inflation, which could cause Bitcoin and cryptocurrencies to spike even further if conditions persist.

“Meanwhile, Ethereum recently set another high above $ 4,700 before bouncing within the constraints of the bullish channel, which continues to provide support and resistance for the immediate move.”

Along the same lines, the FXStreet analyst Akash Girimath notes that renewed optimism in Bitcoin will also boost the altcoin market and, with him, the token Shibu Inu (SHIB) has great chances to break new historical levels.

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Notes that Shiba Inu price has been consolidating since reaching a new all-time high on October 28.

“Fortunately for the holders, this lateral trading period has resulted in a continuation pattern suggesting that an exponential move is likely to occur,” he said.

Girimath says that Shiba Inu price has moved out of a continuation pattern known as the bullish flag, but is waiting for the resurgence of buyers to kick off an explosive move.

From October 23 to 28, SHIB rose 219% to set a new high of $ 0.00008850. This rise is known as the mast. Shiba Inu price consolidated after the rally, forming higher highs and lows, resulting in a flag.

“This technical formation predicts a rise of 219% to USD 0.00019700, which is obtained by adding the height of the mast to the breaking point at USD 0.00006220. Although the price of Shiba Inu did not respect the upper trend line of the flag on 9 November, volatility is low. This consolidation can be seen as the last buy zone that presents before SHIB eats another zero, “he says.

Shiba Inu

Therefore, for the trader, a possible increase in buying pressure pushing the price of Shiba Inu to produce a decisive four-hour candle close above $ 0.00006490 will confirm the start of a bullish rally.

“However, for investors who want to be more sure, the secondary confirmation comes after the price of Shiba Inu produces a high above $ 0.00008590,” he concludes

SHIB / USDT 4-hour chart

Secondly, notes that if the price of Shiba Inu fails to gain momentum and rise, it will suggest that buying pressure has decreased. In that case, SHIB could go down and retest the demand zone of $ 0.00003280 to $ 0.00004460.

“However, a close of the daily candle below $ 0.00004460 will invalidate the bullish flag thesis for the price of Shiba Inu,” he concludes.

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