The primary cryptocurrency has experienced intense volatility over the past few days, with numerous analysts suggesting the bulls may soon regain momentum.
Meanwhile, the popular meme coin Shiba Inu hit a new record in terms of total holders, while Ethereum (ETH) is showing signs of potential weakness.
Up and Down for BTC
Bitcoin had an eventful week, with its valuation reaching nearly $83,000 on May 6, the highest level since the end of January. However, the bears intercepted the upward trajectory and suppressed the price to the current $79,800 (according to CoinGecko).
Despite the push south, many industry participants remain optimistic that the overall resurgence would continue. X user CW, for instance, noted that BTC is “rising smoothly, forming a bullish engulfing candle.
“According to candlestick pattern theory, the May candle will close with a bigger bullish candle than the April,” they added.
John Bollinger – the creator of the well-known indicator Bollinger Bands – also chipped in recently. He revealed that his fund’s “Tactica” program has opened a fresh position and is now “fully invested” in BTC after the trend model turned positive.
It is important to note that some think the bear market is far from being over. X user Chiefy described the latest revival as “the biggest Bitcoin bull trap of this cycle,” forecasting a crash to as low as $42,000.
Shiba Inu’s Record
The self-proclaimed Dogecoin killer has also taken center stage recently after its team unveiled some significant ecosystem updates. It disclosed that the total number of SHIB holders has surged by 1,100 in a single day, hitting a new all-time high of 1,585,022.
In addition, the burn rate has spiked sharply, accompanied by a noticeable rise in daily active addresses and trading volume, signaling growing network engagement.
Despite the progress, SHIB continues to struggle, and its price has fallen 53% over the past year. Moreover, it has lost its position as the second-largest meme coin, with MemeCore (M) rapidly climbing to take that spot.
Incoming Crash for ETH?
Ethereum’s price surpassed $2,400 on May 6, but that uptick was short-lived, and it now trades below $2,300. Some analysts, such as Ted, believe a further downfall could be in the cards.
He claimed that ETH has lost its “parabola,” adding that if it doesn’t soon reclaim the $2,350 level, “things could get ugly.” The whale activity reinforces the bearish scenario. According to Ali Martinez, large investors have reduced their total holdings from a peak of 15.95 million ETH in October last year to the current 12.52 million units.
This reflects weakening confidence in the asset and could trigger fear within the community, prompting smaller players to follow suit and cash out as well.
On the other hand, earlier this week, Martinez noted a formation of a so-called golden cross on ETH’s price chart, a pattern that occurred in the final days of April. This is a bullish sign that could set the stage for a potential comeback.
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