Shiba Inu could soar to $0.003, $0.0001015, $0.0001, and $0.0003117 if Bitcoin hits $150,000, $325,000, $500,000, and $1 million, as projected by top experts.
Bitcoin continues to dictate the tune of the broader crypto market. The leading asset’s recent dip caused a significant downturn across the broader market, with tokens like SHIB sustaining substantial losses.
Despite this collapse, top experts remain confident that Bitcoin will embark on a bullish run soon. Some market watchers project that the top asset could surge to $150,000, $325,000, $500,000, and $1 million.
Interestingly, the general consensus is that if Bitcoin reaches these levels, Shiba Inu’s correlation with it can set the meme coin up for similar price gains.
Shiba Inu’s Correlation with Bitcoin
It is no longer news that Bitcoin’s price action determines the performance of other crypto assets, including SHIB.
The Crypto Basic recently reported that there is a strong correlation between the prices of Shiba Inu and Bitcoin. Data from IntoTheBlock shows that Shiba Inu boasted an 85% correlation with Bitcoin over the past 30 days.
This implies that Shiba Inu’s price has been in sync with Bitcoin’s movement at a higher level. At press time, Shiba Inu’s price is down 4.97% over the past seven days, while Bitcoin’s price has dipped 5.27% in the same timeframe.
Given Shiba Inu’s close correlation with Bitcoin, analysts expect significant surges for the dog-themed token if Bitcoin reaches the projected prices of $150,000, $325,000, $500,000, and $1 million.
Here’s SHIB Price If BTC Reaches $150,000
According to top trader Wizard Crypto, BTC could reach a target of $150,000 during the bull market’s peak. The prediction aligns with Standard Chartered’s projection of $150,000 by year-end for Bitcoin.
While Standard Chartered did not indicate what level SHIB would surge to if Bitcoin hits $150,000, Wizard Crypto speculates the dog-themed token would change hands at $0.003. The $0.003 prediction marks a surge of 34,905% from the current price of $0.00001714.
SHIB Price if Bitcoin Hits $325,000
The Crypto Basic yesterday analyzed Shiba Inu’s potential price surge if Bitcoin hits $325,000, as projected by top asset manager VanEck. Notably, the asset manager also predicted that Ethereum (ETH) would rise to $22,000.
With BTC and ETH trading at $61,738 and $3,460 at yesterday’s reporting time, VanEck’s projection marked a surge of 426.4% and 536.5%, respectively.
Given SHIB’s 85% and 94% correlation with BTC and ETH, we projected that the dog-themed token could also spike tremendously if both assets reach VanEck’s prediction. Using the projection’s average of 481%, The Crypto Basic forecasted that SHIB could soar to $0.0001015 from $0.00001747, the price recorded at the time of the report.
Here’s SHIB Price If BTC Hits $500,000
Recall that with BTC surging to $42,000 earlier this year, Bloomberg speculated that the price increase is the beginning of a bullish run that could take the top asset to $500,000.
Consequently, in February, we consulted the services of two popular AI chatbots, Google Bard (now Gemini) and ChatGPT, to ascertain SHIB’s price if BTC clinches the coveted $500,000 target. While ChatGPT projected that SHIB could hit $0.01 if BTC trades at $500,000, Google Bard stated that the token could trade between $0.0001 and $0.001.
To hit the $0.01, $0.001, and $0.0001 targets, SHIB must respectively soar 58,243%, 5,743%, and 483.43% from the current price of $0.00001714.
SHIB Could Hit $0.0003117 If BTC Hits $1 Million
Earlier this month, leading asset manager Bernstein predicted that Bitcoin would spike astronomically in the coming years, potentially hitting a staggering $1 million by 2033. As reported earlier, the $1 million price projection marked a 1,409% surge from Bitcoin’s price of $66,273 as of June 20.
Based on SHIB’s correlation with BTC, The Crypto Basic applied the 1,409% growth rate to the dog-themed token and found that its price could surge to $0.0003117 if BTC hits $1 million.
