If Shiba Inu experiences a proportional increase in price, it could potentially reach significant levels if Bitcoin (BTC) hits $1 million in 2033, as forecasted by Bernstein.
Over the past few days, Bitcoin has been underperforming, dropping to a monthly low of $66,043 before bouncing back. Despite this recovery, BTC remains on the lower end of the $66,000 range. This downturn in the market has had a ripple effect on altcoins, with Shiba Inu also experiencing a decline in price.
Bernstein, a prominent asset manager with $759 billion in assets under management, has made a bold prediction regarding Bitcoin’s future price. Analysts at Bernstein are optimistic about BTC, forecasting that the leading cryptocurrency could reach $200,000 in the current bull market and potentially surge to $1 million by 2033.
If Bitcoin follows this projected path, it could have significant implications for the broader cryptocurrency market. With Bitcoin currently dominating 54% of the market with a market capitalization of $1.3 trillion, its movements often influence the rest of the market. Some cryptocurrencies, like Cardano and Shiba Inu, have shown a strong correlation with Bitcoin’s price movements.
Considering this correlation, it is interesting to speculate how Shiba Inu’s price would be affected if Bitcoin were to reach $1 million by 2033. If SHIB were to follow a similar trajectory as Bitcoin, its price could potentially increase from the current $0.00002066 to $0.00006198, marking a significant surge.
Furthermore, if Bitcoin were to reach $1 million by 2033, it would represent a substantial increase of 1,409% over nine years. A proportionate increase in Shiba Inu’s price could lead to a surge to around $0.0003117, pushing SHIB’s market capitalization to $183.6 billion.
Analysts at Changelly have also made their own predictions, suggesting that Shiba Inu could reach $0.0003 by September 2030, with a maximum price of $0.000996 by December 2033. These projections indicate a potential market capitalization of $586 billion for Shiba Inu at that time.
It is important to note that this content is for informational purposes only and should not be considered financial advice. Readers are urged to conduct their own research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.