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Bitcoin Drops by 20%, Leads to Shiba Inu 50% loss in 3 Weeks

After falling by 20 percent from its highs, Bitcoin has caused mounting panic for every crypto-mania.

After the Shiba Inu (SHIB) price had skyrocketed by more than 1,100% on October 1, some analysts said that a sharp pullback in the SHIB market was inevitable.

Eventually, the meme-cryptocurrency Shiba Inu (SHIB) lost half of its value within just three weeks following its peak in mid-October.

SHIB’s price fell by almost 55% from its all-time high of $0.00008854 to as low as $0.00004251 on Nov 19.

A small amount of its price was rebounded on Friday, but the recovery was indecisive as fewer traders patronized the uptrend.

According to the publication, an independent market analyst described the price correction as a “topping signal.”

It is important to note that a sweeping infrastructure bill that includes cryptocurrency tax regulations were signed into law by President Joe Biden.

Read More: Crypto Scams Are Increasing. Here’s How You Can Protect Your Portfolio

The Art of Buying Dips

Prices on the cryptocurrency market can swing by 50% or more frequently.

Taking Bitcoin (BTC) as an example, it plummeted from about $65,000 to below $30,000 in less than 30 days during the first quarter. However, BTC bounced back to reach a new record high at $69,000.

There was a widely-circulated narrative that fueled Bitcoin’s volatile rebound, depicting it as a way to combat inflation all over the globe.

For Shiba Inu, the defining bullish narrative continues to be a “community,” a sentiment expressed by its most popular supporter, David Gokhshtein.

If SHIB is able to breach its flag’s upper trendline on its next attempt, coupled with an increase in trading volume, it is possible to reach $0.00010000 in price.

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