Shiba Inu poised for a surge as analyst predicts rally after spot Bitcoin ETF announcement.
Despite a recent stagnant market, SHIB is poised to kick off a promising week of rallying, according to Luckside Crypto’s predictions for the memecoin.
In a video released on January 16, Luckside Crypto noted a growing sense of excitement in the market following the news of the approval of a spot Bitcoin ETF. This positive sentiment, coupled with anticipation surrounding the Coinbase case, scheduled for January 17, has contributed to the renewed interest.
The Securities and Exchange Commission (SEC) has accused Coinbase of violating national security laws by selling 13 cryptocurrencies that the SEC argues are unregistered securities, as well as failing to register its staking program. Industry analysts believe that regardless of the outcome, the impact on the market will be significant, given the current lack of clarity.
Luckside Crypto draws parallels between market sentiment and technical trading charts, pointing out that Bitcoin (BTC) is gradually rebounding towards $43,000 after experiencing a 7.9% decrease in the past week. Meanwhile, altcoins like Shiba Inu (SHIB), an Ethereum-based memecoin, have remained steady at $0.0000096 but are showing signs of an upward trend.
“This is an exciting development,” the analyst remarked. “Hopefully, this indicates a promising week of rallying ahead.”
Luckside Crypto also highlights a change in stance among institutions. Vanguard, an asset manager, reportedly blocked the purchase of spot BTC ETFs on its platform on January 12. However, the analyst predicts that as institutions recognize the potential fees they could earn, they will eventually come on board. It’s just a matter of when, rather than if.
The analyst anticipates that the Coinbase case announcement will likely trigger a positive uptrend sooner rather than later. However, it is expected that the markets will remain relatively flat in the meantime as they absorb the selling of GBTC and FTX estates.
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