The cryptocurrency market has experienced a period of significant volatility in recent months. After showing signs of a bull run in late 2023, the market collapsed in early 2024.
However, things picked up again in early March, with Bitcoin reaching a new all-time high above $72,000 in a strong bull run. Following this, a correction has gripped the market, causing a pause before reaching the much-anticipated $3 trillion market capitalization milestone.
Read Also: We Asked ChatGPT if Shiba Inu (SHIB) Will Hit All-Time High in 2024, Here’s What It Said
This recent sell-off, occurring just before the highly anticipated Bitcoin Halving in April 2024, has significantly impacted the meme coin sector, with prominent names like Dogecoin (DOGE) and Shiba Inu (SHIB) experiencing notable price drops.
Recent Downturn and Potential Long-Term Uptrend
Shiba Inu has mirrored the broader market trend, with its weekly return turning negative. SHIB is trading at $0.00002408, down 20% over 24 hours and 31.81% over the past week. However, a long-term perspective on the Shiba Inu price chart reveals a potentially bullish trend reversal.
In early March, after a period of sustained decline, SHIB managed to recapture price levels last seen in February 2022. This 250% price surge within two weeks, suggests a potential shift in momentum, despite the current price correction.
ChatGPT Weighs in on SHIB’s Short-term Future
To gain further insight into the potential price trajectory of Shiba Inu, we consulted ChatGPT, OpenAI’s Large Language Model (LLM) for price analysis and prediction. ChatGPT’s analysis suggests significant price growth for SHIB in the second quarter of 2024.
ChatGPT’s prediction utilizes Fibonacci retracement levels, indicating a potential price surge to $0.00013 representing a 439.83% climb for the meme coin. However, the AI-powered chatbot did not provide details on SHIB’s path to this target.
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Read Also: ChatGPT Predicts What Shiba Inu (SHIB) Price Would Be At the End of 2024
Critical Considerations
While ChatGPT’s predictions offer a glimpse into the potential future price trajectory of SHIB, it is essential to consider the cryptocurrency market’s volatile nature. The recent market correction serves as a reminder of the unpredictable nature of cryptocurrencies.
However, positive developments within the Shiba Inu ecosystem like the upcoming automated burn portal, make analysts believe that SHIB can recover from this decline.
ChatGPT’s prediction and the exciting developments in the SHIB ecosystem inspire confidence in a renewed bull run. Despite the poor performance over the past week, SHIB is still up 158.32% over the past month. This decline isn’t the end of the road for Shiba Inu, and the meme coin might reach its goal of becoming the biggest meme coin soon.
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