Recent Bitcoin Price Predictions, Shiba Inu’s Latest Achievement, and More: Bits Recap May 8

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 eventful week, with its valuation reaching 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).

Despite the push south, many industry participants remain optimistic that the overall resurgence would continue. X user CW, for instance, noted that BTC is “rising smoothly, forming a bullish engulfing candle.

“According to candlestick pattern theory, the May candle will close with a bigger bullish candle than the April,” they added.

John Bollinger – the creator of the well-known indicator Bollinger Bands – also chipped in recently. He revealed that his fund’s “Tactica” program has opened a fresh position and is now “fully invested” in BTC after the trend model turned positive.

It is important to note that some think the bear market is far from being over. X user Chiefy described the latest revival as “the biggest Bitcoin bull trap of this cycle,” forecasting a crash to as low as $42,000.

Shiba Inu’s Record

The self-proclaimed Dogecoin killer has also taken center stage recently after its team unveiled some significant ecosystem updates. It disclosed 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.

In addition, the burn rate has spiked sharply, accompanied by a noticeable rise in daily active addresses and trading volume, signaling growing network engagement.

Despite the progress, SHIB continues to struggle, and its price has fallen 53% over the past year. Moreover, it has lost its position as the second-largest meme coin, with MemeCore (M) rapidly climbing to take that spot.