Shiba Inu Price Forecasted to Surge if Bitcoin Reaches $1M, Says Analyst

Shiba Inu could potentially see significant price growth if Bitcoin (BTC) reaches $1 million by 2033, according to predictions from Bernstein. Bitcoin has experienced a recent decline, dropping to a monthly low of $66,043 before rebounding, though it remains on the lower end of the $66,000 range. This downward trend has also affected altcoins like Shiba Inu, which have seen a corresponding decrease in price.

Market analyst Peter Brandt recently suggested that Bitcoin may have already reached its peak for the current cycle, implying that there may not be significant price increases in the future. However, Bernstein, a prominent asset manager with $759 billion in assets under management, has a more optimistic outlook. Analysts at Bernstein forecast that Bitcoin could reach $200,000 in the ongoing bull market and eventually surge to $1 million by 2033.

If Bitcoin follows this projected trajectory, it could have widespread positive implications for the broader cryptocurrency market. Given Bitcoin’s dominant position in the market with a 54% market share and a $1.3 trillion market capitalization, many other cryptocurrencies tend to move in alignment with Bitcoin’s price movements.

For example, recent analysis revealed that Cardano had a 62% price correlation with Bitcoin, while Shiba Inu demonstrated a higher 79% correlation within the same period. This suggests that Shiba Inu’s price could closely track Bitcoin’s trajectory in the future.

Considering the potential scenarios, projections indicate that if Bitcoin were to hit $200,000, Shiba Inu would need to increase by 201% from its current price of $0.00002066 to reach $0.00006198. Furthermore, if Bitcoin were to reach $1 million by 2033, a proportional increase in Shiba Inu’s price would elevate it to around $0.0003117, pushing its market capitalization to $183.6 billion.

Analysts at Changelly have their own predictions for Shiba Inu’s future price movements. They anticipate that by September 2030, Shiba Inu could potentially reach $0.0003, three years ahead of the 2033 milestone. By the end of 2033, Changelly analysts foresee Shiba Inu potentially hitting a maximum price of $0.000996, which would increase its market cap to $586 billion.

It is essential to note that these forecasts are speculative and should not be considered financial advice. Readers are advised to conduct thorough research and exercise caution before making any investment decisions. The projections outlined above provide a glimpse into the potential future scenarios for Shiba Inu and its price trajectory in correlation with Bitcoin’s performance.