Peter Brandt Not Worried About Missing Potential Shiba Inu (SHIB) Breakout
Cryptocurrency

Peter Brandt Not Worried About Missing Potential Shiba Inu (SHIB) Breakout

Chartist Peter Brandt claims that traders shouldn’t chase potential breakouts in order not to be burned by FOMO

In a recent tweet, legendary chartist Peter Brandt claims that he wouldn’t be worried about missing a price breakout when asked about Shiba Inu.

A Twitter user urged Brandt to pay more attention to the popular meme coin since he apparently believes that the token is on the cusp of a major price rally.

However, the chartist noted that people who chase breakouts usually tap out because of the fear of mission out (FOMO). Such a habit could be destructive for a trader, according to Brandt.

The price of the SHIB token is currently changing hands at 0.000011 on the Binance exchange. The token is in the red after declining roughly 0.27%.  

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The meme token experienced a massive rally in mid-August, soaring more than 42% in one day on Aug. 14. However, the rally ended up being a flash in the pan, and the cryptocurrency retraced all its gains by the end of the month.

SHIB also ended September in the red, declining by 6.53%.  

However, the upcoming launch of the Shiba Eternity game, which will take place on Oct. 6 around the world, is expected to be a major bullish catalyst for the token.   

Could Bitcoin plunge to $8,000?      

Brandt also recently ran a Twitter poll to find out what his followers think about Bitcoin’s price performance.

More than 41% of the respondents believe that Bitcoin will plunge to $12,000 before another bull market begins. Nearly 20% of them are convinced that Bitcoin could plunge to as low as $8,000, which is the target of Guggenheim’s Scott Minerd.

A third of the respondents believe that the low was established back in June at the $17,600 level.

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