Bitcoin
Here is the price of Shiba Inu if Bitcoin reaches $1 million as predicted by Bernstein
If Shiba Inu records a commensurate price increase, its price could reach substantial levels if Bitcoin (BTC) reaches $1 million in 2033, as predicted by Bernstein.
Bitcoin has been underperforming in recent days, recently falling to a monthly low of $66,043. Despite a recovery from this floor, BTC remains in the lower spectrum of the $66,000 level. These market issues have affected altcoins, with Shiba Inu seeing an equal price drop.
Bernstein predicts BTC will reach $1 million
More recently, market veteran Peter Brandt asserted that BTC may have already reached the peak of the cycle. This would mean that Bitcoin will be unable to record any price spikes in the future, causing altcoins like Shiba Inu to remain at their current values for the rest of the cycle.
However, Crypto Basic reported on June 14 that Bernstein, a leading asset manager with $759 billion in AUM, made a different assessment. Bernstein analysts are more optimistic about BTC, predicting that the leading cryptocurrency could reach $200,000 in the current bull run and then climb to $1 million by 2033.
If Bitcoin follows this projected trajectory, there could be far-reaching positive effects for the broader crypto market. This is due to Bitcoin’s influence on the crypto market, as it currently has a 54% dominance with a market value of $1.3 trillion. While the broader market follows Bitcoin’s movements, some share a higher price correlation with it.
For example, The Crypto Basic confirmed earlier this month that Cardano maintained a 62% price correlation with Bitcoin during the 30-day period ending June 4. However, Shiba Inu boasted a high correlation of 79% with Bitcoin over the same period. This indicates that SHIB would follow Bitcoin’s trajectory more.
Shiba Inu Price If Bitcoin Reaches $1 Million
Citing this perspective, we recently assessed how much Shiba Inu would recover if left behind Bitcoin Price in the goals established by Bernstein. Notably, the $200,000 target would require a 201% increase from Bitcoin’s current price of $66,273. If SHIB rises at a similar rate, its price will rise from the current $0.00002066 to $0.00006198, marking a new cycle top.
Furthermore, if Bitcoin reaches $1 million by 2033, it will have increased by 1,409% in nine years. A proportional increase in Shiba Inu price would skyrocket to around $0.0003117. This price would bring SHIB’s market capitalization to $183.6 billion, a valuation that some analysts would consider too low over a nine-year period.
For example, Changelly analysts predict that Shiba Inu could reach $0.0003 in September 2030, three years earlier. However, for the year 2033, these analysts expect SHIB to reach a maximum price of $0.000996 by December. Such a value would increase Shiba Inu’s market value to US$586 billion.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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