June 16, 2024

Analyst suggests Shiba Inu primed for a rally following spot Bitcoin ETF news

Despite a recent flat market, SHIB sees the beginning of what Luckside Crypto predicts will be a good week of rallying for the memecoin.

According to the Jan. 16 video, the market is starting to see a little bit of excitement following the news of spot Bitcoin ETF approval and the positive sentiment that was reported on Jan. 13, and now, any news around the Coinbase case, which is expected on Jan. 17, the day of the exchange’s federal court date in Manhattan.

The SEC is accusing the exchange of violating national security laws by selling 13 cryptocurrencies that the SEC argues are unregistered securities and failing to register its staking program. Many analysts agree that regardless of the outcome, the impact on the market will be huge, given the market’s current lack of clarity. 

In drawing comparisons between market sentiment and technical trading charts, Luckside Crypto shares the Bitcoin (BTC) market is starting to push back toward $43,000 after facing a 7.9% decrease in the last seven days. At the same time, previously trending altcoins like Shiba Inu (SHIB), the Ethereum-based memecoin, is still sitting at $0.0000096 but putting together a green candle for the day as part of what the analyst predicts is a larger trend upwards.

“This is exciting,” the analyst said. “Hopefully, this means we have a good week of rallying ahead.”

Luckside Crypto relates that this comes with the backdrop of a shift in the tune from institutions. Earlier on Jan. 12, the asset manager Vanguard reportedly blocked the purchase of spot BTC ETFs from its platform. However, the analyst predicts that when big players realize the fees they could be collecting, institutions will get on board, making it more a matter of when than if.

The analyst predicts that we might see a positive uptrend sooner from the Coinbase case announcement rather than later, although the markets should expect that the markets will remain flat in the interim as they absorb GBTC and FTX estate selling first.

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