The primary cryptocurrency has experienced intense volatility over the past few days, with numerous analysts suggesting the bulls may soon regain momentum.<\/p>\n
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.<\/p>\n
Bitcoin had an eventful week, with its valuation reaching<\/a> 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).<\/p>\n Despite the push south, many industry participants remain optimistic that the overall resurgence would continue. X user CW, for instance, noted that BTC is \u201crising smoothly, forming a bullish engulfing candle.<\/p>\n \u201cAccording to candlestick pattern theory, the May candle will close with a bigger bullish candle than the April,\u201d they added<\/a>.<\/p>\n John Bollinger \u2013 the creator of the well-known indicator Bollinger Bands \u2013 also chipped in recently. He revealed<\/a> that his fund\u2019s \u201cTactica\u201d program has opened a fresh position and is now \u201cfully invested\u201d in BTC after the trend model turned positive.<\/p>\n It is important to note that some think the bear market is far from being over. X user Chiefy described the latest revival as \u201cthe biggest Bitcoin bull trap of this cycle,\u201d forecasting a crash to as low as $42,000.<\/p>\n The self-proclaimed Dogecoin killer has also taken center stage recently after its team unveiled some significant ecosystem updates. It disclosed<\/a> 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.<\/p>\n In addition, the burn rate has spiked sharply, accompanied by a noticeable rise in daily active addresses and trading volume, signaling growing network engagement.<\/p>\n Despite the progress, SHIB continues to struggle, and its price has fallen 53% over the past year. Moreover, it has lost<\/a> its position as the second-largest meme coin, with MemeCore (M) rapidly climbing to take that spot.<\/p>\n Ethereum\u2019s 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.<\/p>\n He claimed<\/a> that ETH has lost its \u201cparabola,\u201d adding that if it doesn\u2019t soon reclaim the $2,350 level, \u201cthings could get ugly.\u201d The whale activity reinforces the bearish scenario. According to Ali Martinez, large investors have reduced<\/a> their total holdings from a peak of 15.95 million ETH in October last year to the current 12.52 million units.<\/p>\n 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.<\/p>\n On the other hand, earlier this week, Martinez noted<\/a> a formation of a so-called golden cross on ETH\u2019s 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.<\/p>\n The post Recent Bitcoin Price Predictions, Shiba Inu\u2019s Latest Achievement, and More: Bits Recap May 8<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-162710","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/162710"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=162710"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/162710\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=162710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=162710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=162710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Shiba Inu\u2019s Record<\/h2>\n
Incoming Crash for ETH?<\/h2>\n