I would suggest perhaps a VPS for usually better performance than shared hosting, but stability and price can differ.
You could use those that aren't a VPS, but have some similarities (scalable container hosting systems).
The problem with some shared hosting providers is that they simply don't give you all of the details. Especially those with "unlimited space and bandwidth".
But definitely you can use a shared hosting too (others, all but a dedicated server, are also shared in some way, so I refer to the old fashioned "standard" shared hosting systems - sometimes you just don't know what's in the background), and the others are just potential alternatives.
One thing you could do is ask them if their hosting (whichever plan you intend to get, or ask them to recommend the right plan) can support a SMF with up to 100-200 users at a time.
I suspect they will not just say "yes yes" and will likely provide you a proper response (they have an incentive, perhaps you will purchase the more expensive plan, or have a better experience with them and etc).
Before purchasing, feel free to ask them, even if you don't get a useful reply, you will learn something about how their customer support/relations are (this is really important if you run into any issues later on).
Once you set it up, you can experiment with something like Cloudflare (this forum is using it), because it can cache some content and serve it from their servers. This can reduce the amount of bandwidth that your server uses and there's usually a free plan that does that. But, whether it's faster or slower, you can/should test yourself.