As the clock slowly ticks toward 2024, the January jinx has started sending shivers down the spines of Shiba Inu (SHIB) holders. Based on SHIB’s history in the market, there’s a 50% chance of success come January. This phenomenon has left many wondering whether 2024 will bring a boom or bust.
January 2022 brought very bad news for SHIB holders. Data from Cryptorank shows a gut-wrenching 36% drop for SHIB, leaving a trail of losses and broken dreams. However, 2023 flipped the trend. The digital asset shocked the crypto market, surging 46.2% in January 2023.
Read Also: Shiba Inu (SHIB) Price Prediction For January 2024. Between Bulls and Bears
However, predicting the future with just three data points is not a very reliable form of technical analysis. The cryptocurrency market, notoriously fickle, throws wrenches into even the most seasoned forecasts. And with a token as young and unpredictable as SHIB, past performance becomes more of a suggestion than an accurate predictor of performance.
The month of April is a clear indicator of why these predictions might not be completely reliable. In April 2021, SHIB surged 69.4% after launch. However, it did not maintain this in April 2022, showing a surprising 22% decline. SHIB fared a little better in April 2023, showing a loss of only 6.41%.
However, ignoring the January drama entirely isn’t the right call. SHIB’s January roller coasters have become an unwelcome tradition, leaving investors with bated breath as the clock strikes midnight on New Year’s Eve.
Crypto analysts recently predicted poor performance for SHIB in January 2024, with the meme coin either remaining stagnant or dropping as low as $0.0000095.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
A decline might not be the end for Shiba Inu (SHIB) as the historical post-New Year bounce could save it. The New Year often brings an influx of capital as fresh investors flood the market, hoping to start the year with a bang.
Read Also: Crypto Analytics Firm Sets Timeline for Shiba Inu (SHIB) to Surpass $0.08
ChatGPT also expects that SHIB will surpass Dogecoin, the meme coin king, next year. If this surge begins in January, SHIB could have the best January performance.
The final lifeline for SHIB is a potential spot Bitcoin ETF approval. The rumors have been swelling since the SEC let the deadline to appeal the Grayscale ruling pass. An approval will bring a massive influx of capital into the crypto market, causing a surge in Bitcoin’s price, and helping lift the rest of the market.
This January promises to be another heart-pounding chapter in SHIB’s history, with the beginning of the year either bringing a massive victory, or a painful loss.
Follow us on Twitter, Facebook, Telegram, and Google News
