The cryptocurrency market remains volatile, with Bitcoin (BTC) trading slightly above the $60,000 support level after a drop below the level a couple of hours ago. This downturn has impacted the broader market, including Shiba Inu (SHIB). However, some analysts predict a potential turnaround for Bitcoin and altcoins like SHIB.
Veteran analyst Peter Brandt believes Bitcoin might not reach a new all-time high (ATH) in this cycle, suggesting a more cautious outlook. However, others remain optimistic. Analysts at Bernstein, a leading asset manager, expect Bitcoin to reach $200,000 during the current bull run.
Read Also: Analyst Predicts How High SHIB Price Could Rise If Bitcoin Hits $150,000
Robert Kiyosaki, author of the influential personal finance book “Rich Dad Poor Dad,” takes an even more bullish stance. He predicts a significant rise for Bitcoin, potentially reaching $350,000 by August 2024. While Kiyosaki’s forecast comes amidst market turbulence, it highlights the potential for Bitcoin’s recovery and continued growth.
Shiba Inu’s price has closely followed Bitcoin’s movements. SHIB has dipped below important support levels, including $0.00002, $0.000019, and $0.000018, currently trading at $0.00001666. Market analysts anticipate a recovery for Shiba Inu, but the extent of this rise remains uncertain.
Data from IntoTheBlock shows that Shiba Inu has had an 83% correlation with Bitcoin in the last 30 days. This strong correlation indicates that SHIB tends to follow Bitcoin’s trends.
If this pattern continues, a potential surge for SHIB could occur if Bitcoin reaches Kiyosaki’s projected price of $350,000. This would represent a significant increase of 475.6% for Bitcoin. Applying this hypothetical growth rate to Shiba Inu’s current price would result in a substantial price increase, taking its price to 0.00007923.
Considering the potential rise in Bitcoin’s price, several analysts have forecasted a price target of $0.0001 for Shiba Inu. TradingView analyst Sam TCR believes SHIB could reach this level during an imminent market recovery.
Additionally, analyst Michael predicts SHIB to hit $0.0001011 once it breaks free from its current technical chart formation. Prominent community figure SHIB Knight also shares the sentiment that the $0.0001 target is achievable for Shiba Inu.
Read Also: Stock-to-flow Model Author Predicts Timeline for Next Bitcoin (BTC) Bull Run
While the cryptocurrency market is inherently unpredictable, the potential for Bitcoin’s recovery could positively impact altcoins like Shiba Inu. If historical correlation patterns hold, a significant rise in Bitcoin’s price could propel SHIB towards the much-anticipated $0.0001 mark, aligning with several analyst predictions.
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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