Bitcoin Wobbles as SHIBA INU Surges

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Bitcoin Wobbles as SHIBA INU Surges

It's all been rather topsy turvy this week. Bitcoin pulled back from all-time highs — but Ether's price did manage to break a new record.

However, the real attention this week has been on SHIBA INU — the meme coin that has risen by more than 1,000% so far in October.

SHIB's value has more than doubled in the space of a week… and at one point, it had even surpassed Dogecoin in the rankings.

Crypto analyst and economist Michaël van de Poppe, the CEO of Eight Global, isn't impressed. He told Connor: 

"It's kind of sad to see the spotlight of cryptos being taken by meme coins at this stage while crypto and blockchain are here for the future."

And when asked whether SHIBA INU's rise is sustainable, he warned:

"Obviously not. If there is going to be a bear market at some point, those meme coins will be crashing heavily and most of them will just go to zero … If you're holding SHIBA INU, I guess you should be taking profits, just leave it behind."

Returning to Bitcoin, and Michaël said he doesn't think Bitcoin will top out in December like it did in 2017 and 2020. Instead, he predicts there will be a lengthening bull cycle that will last into 2022.

"It's all depending on the strength and the vertical manner of Bitcoin going upwards. If it's just going to be grinding like last year, I think we are going to have a little longer bull cycle, but if it's going to accelerate really fast, like 2017, we are going to top out soon."

He thinks Bitcoin could hit $90,000 to $100,000 in the next quarter — but described predictions of $200,000 to $300,000 in six weeks as "nonsense."

Michaël also discussed what the next bear market might look like… and revealed why it might be even more painful than 2018.