The cryptocurrency market has seen significant volatility, with Bitcoin (BTC) and Shiba Inu (SHIB) experiencing substantial price drops. BTC hit a weekly low of $63,554, while SHIB fell to $0.00001742, but has since recovered to $64,252 and $0.00001813, respectively.
Despite the recent downturn, many market participants anticipate a significant recovery for these assets during a potential bull run.
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Shiba Inu’s Price Potential: Riding Bitcoin’s Momentum?
Pseudonymous crypto analyst Wizard Crypto recently offered a forecast for Bitcoin, projecting a price target of $150,000 per coin at the peak of the upcoming bull run. This prediction aligns with an earlier one issued by Standard Chartered, a prominent British multinational banking institution, which anticipates Bitcoin reaching $150,000 by the end of 2024.
Furthermore, Wizard Crypto ventures that Shiba Inu could reach $0.003 during the same period when Bitcoin hits $150,000. Achieving this target would necessitate a staggering 16,447% increase from SHIB’s current price of $0.00001813.
It’s important to note that the analyst did not specify the exact factors driving this potential surge for SHIB. However, the prediction likely hinges on the established correlation between Shiba Inu and Bitcoin, where price movements in Bitcoin often influence those in SHIB.
Long-Term Shiba Inu Price Targets: Varied Perspectives
While Wizard Crypto focuses on a near-term price target linked to Bitcoin’s performance, other prominent experts have proposed similar $0.003 targets for SHIB, although with a much longer time horizon.
For instance, crypto trading platform Changelly forecasts SHIB to reach $0.003 by 2040, a timeframe spanning 16 years from the present. Similarly, crypto prediction platform Telegaon anticipates this target to be achieved by 2035, while the popular AI chatbot ChatGPT predicts the possibility of SHIB reaching $0.003 by 2044, nearly two decades from now.
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Factors Beyond Bitcoin: What Could Propel SHIB to $0.003?
Although the historical correlation between Bitcoin and Shiba Inu offers a potential pathway, reaching $0.003 requires more than just Bitcoin’s price rise. Key factors that could impact SHIB’s growth include unprecedented adoption across sectors, increasing demand, enhanced utility beyond its meme coin status, adding value, and substantial token burns, reducing supply, and increasing scarcity.
The future of Shiba Inu’s price is uncertain, with experts divided. Some predict a near-term surge, others foresee a longer-term journey to $0.003. However, widespread adoption, increased utility, and substantial token burns could be key drivers to reaching its long-term price targets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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