If Bitcoin reaches the predicted prices of $150,000, $325,000, $500,000, and $1,000,000, top experts predict that the Shiba Inu could surge to $0.003, $0.0001015, $0.0001, and $0.0003117.
Bitcoin continues to dominate the entire crypto market. The leading asset’s recent decline has led to a notable drop across the market, with tokens such as SHIB suffering significant losses.
Despite this, top experts remain confident that Bitcoin will soon enter a bull run. Some market observers predict that the top asset could soar to $150,000, $325,000, $500,000 and $1,000,000.
Interestingly, the general consensus is that if Bitcoin reaches these levels, Shiba Inu’s correlation with it could allow the memecoin to experience similar price growth.
Shiba Inu Correlation with Bitcoin
It is no longer news that Bitcoin’s price action has impacted the performance of other crypto assets, including SHIB.
Crypto Basic recently reported that Shiba Inu prices have a strong correlation with Bitcoin. Data from IntoTheBlock shows that the Shiba Inu’s correlation with Bitcoin has reached 85% over the past 30 days.
This means that the price of Shiba Inu is moving in sync with Bitcoin at a higher level. As of now, Shiba Inu has lost 4.97% in the past seven days, while Bitcoin has lost 5.27% in the same time frame.
Given the Shiba Inu’s strong correlation with Bitcoin, analysts expect the dog-themed token to see a significant surge if Bitcoin reaches its predicted prices of $150,000, $325,000, $500,000, and $1,000,000.
What will happen to SHIB’s price if Bitcoin reaches $150,000?
According to top trader Wizard Crypto, Bitcoin could hit a target of $150,000 at the peak of its bull run. This prediction is in line with Standard Chartered Bank’s forecast of $150,000 for Bitcoin by the end of the year.
While Standard Chartered did not indicate to what level SHIB would soar if Bitcoin hits $150,000, Wizard Crypto speculates that the dog-themed token’s price would reach $0.003. This forecast represents an increase of 34,905% relative to the current price of $0.00001714.
What will happen to SHIB’s price if Bitcoin reaches $325,000?
Crypto Basic yesterday analyzed the possible price surge that the Shiba Inu could see if Bitcoin reaches $325,000, a prediction by top asset management firm VanEck. Notably, the asset management firm also predicts that the price of Ethereum (ETH) will rise to $22,000.
Based on Bitcoin and Ethereum trading prices of $61,738 and $3,460 at the time of reporting yesterday, VanEck’s forecast represents increases of 426.4% and 536.5% respectively.
Given that SHIB’s correlations with Bitcoin and Ethereum are 85% and 94% respectively, we predict that if these two assets live up to VanEck’s predictions, this dog-themed token could also see a huge surge. Based on the predicted average growth rate of 481%, Crypto Basic predicts that the price of SHIB may rise from $0.00001747 to $0.0001015.
What will happen to SHIB's price if Bitcoin reaches $500,000?
Recall that earlier this year, Bitcoin surged to $42,000, with Bloomberg speculating that this price increase was the start of a bull run that could lead the top asset to $500,000.
So, in February of this year, we asked two popular AI chatbots, Google Bard (now Gemini) and ChatGPT, to determine what the price of SHIB would do if Bitcoin reached this aspirational $500,000 target. ChatGPT predicts that if Bitcoin trades at $500,000, SHIB could reach $0.01, while Google Bard says the token could be priced between $0.0001 and $0.001.
To reach the targets of $0.01, $0.001, and $0.0001, SHIB must surge by 58,243%, 5,743%, and 483.43% respectively from the current $0.00001714.
What will happen to the price of SHIB if Bitcoin reaches $1,000,000?
Earlier this month, top asset management firm Bernstein predicted that Bitcoin will see a staggering surge in value over the next few years, potentially reaching a staggering $1 million by 2033. As reported earlier, the $1 million price prediction represents an increase of 1,409% relative to the Bitcoin price of $66,273 on June 20.
Based on SHIB’s correlation with Bitcoin, Crypto Basic applied a growth rate of 1,409% to the dog-themed token and found that if Bitcoin hits $1,000,000, its price could surge to $0.0003117.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not reflect the views of Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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